Apergy and ChampionX Complete Merger to Create the New ChampionX
- Creates a Global Leader in Production-Optimization Solutions
- Newly combined company now named “ChampionX Corporation”; ticker symbol “CHX”
- Integration expected to deliver $75 million in cost synergies plus additional revenue growth opportunities
- Transaction immediately deleverages the combined company’s balance sheet
- Two new board members will join seven existing Apergy board members to form the new ChampionX Corporation board of directors
THE WOODLANDS, Texas, June 03, 2020 (GLOBE NEWSWIRE) -- ChampionX Corporation, formerly known as Apergy Corporation (“ChampionX” or “the Company”) (NYSE: APY) announced today the completion of the merger of the businesses of Apergy Corporation and ChampionX Holding Inc., the former upstream energy business of Ecolab Inc. In association with this transaction, Apergy Corporation has changed its name to ChampionX Corporation, and beginning tomorrow its shares of common stock will trade on the New York Stock Exchange under the symbol “CHX”.
"Today we are proud to launch ChampionX, a company that will be an essential player and long-term winner in the oil and gas industry,” said Sivasankaran “Soma” Somasundaram, President and Chief Executive Officer of ChampionX. “Our combined company will be a strong and resilient organization with a broad geographic footprint, high quality customer base, and significant recurring revenue. The combination enables us to bring together a unique platform with best-in-class product lines in artificial lift, production chemicals, and digital technology delivered with superior service capabilities to provide the full spectrum of production-optimization solutions to our customers. Our 7,000-plus talented employees around the world will continue to work collaboratively to solve problems for our customers. Financially, the successful completion of this transaction results in a company with sustainable strong free cash flow generation and has an immediate deleveraging benefit for the Company’s balance sheet. We will immediately implement our plans to capture the $75 million in expected cost synergies, plus additional revenue growth opportunities made possible by the complementary product, geography, and customer profiles of the combined organization.