Wellstream Holdings plc is a British company which designs and manufactures flexible pipeline systems for the

oil and gas A fossil fuel is a hydrocarbon-containing material formed naturally in the Earth's crust from the remains of dead plants and animals that is extracted and burned as a fuel. The main fossil fuels are coal, oil, and natural gas. Fossil fuels ...

industry. It is listed on the

London Stock Exchange London Stock Exchange (LSE) is a stock exchange in the City of London, England, United Kingdom. , the total market value of all companies trading on LSE was £3.9 trillion. Its current premises are situated in Paternoster Square close to St Pau ...

and was a constituent of the

FTSE 250 Index The FTSE 250 Index ( "Footsie") is a capitalisation-weighted index consisting of the 101st to the 350th largest companies listed on the London Stock Exchange. Promotions and demotions to and from the index occur quarterly in March, June, Septemb ...

before being acquired by

General Electric General Electric Company (GE) is an American multinational conglomerate founded in 1892, and incorporated in New York state and headquartered in Boston. The company operated in sectors including healthcare, aviation, power, renewable energ ...

in February 2011.

History

The company was founded in Panama City, Florida in 1983 as a supplier of equipment to

offshore Offshore may refer to: Science and technology * Offshore (hydrocarbons) * Offshore construction, construction out at sea * Offshore drilling, discovery and development of oil and gas resources which lie underwater through drilling a well * Off ...

developers. Wellstream was acquired by Dresser Industries in 1995 and subsequently became part of Halliburton when it

merged Mergers and acquisitions (M&A) are business transactions in which the ownership of companies, other business organizations, or their operating units are transferred to or consolidated with another company or business organization. As an aspect ...

with Dresser in 1998. Halliburton sold off Wellstream to a

Candover Candover may refer to: *Candover Brook, Hampshire, England *The Candovers, civil parish in Hampshire, comprising ** Brown Candover ** Chilton Candover **Preston Candover *Candover Clinic, Hampshire *Candover Investments Candover Investments plc. w ...

-led

consortium A consortium (plural: consortia) is an association of two or more individuals, companies, organizations or governments (or any combination of these entities) with the objective of participating in a common activity or pooling their resources for ...

for $136 million in 2003, which in turn listed the firm on the

in April 2007. Candover remained Wellstream's largest

shareholder A shareholder (in the United States often referred to as stockholder) of a corporation is an individual or legal entity (such as another corporation, a body politic, a trust or partnership) that is registered by the corporation as the legal own ...

with an approximate 14% stake until April 2008, when the block of shares was put up for sale in its entirety.

agreed to buy the company in December 2010, shortly after GE had agreed to buy Dresser.

Operations

The company is based in

Newcastle upon Tyne Newcastle upon Tyne ( RP: , ), or simply Newcastle, is a city and metropolitan borough in Tyne and Wear, England. The city is located on the River Tyne's northern bank and forms the largest part of the Tyneside built-up area. Newcastle is ...

, with major manufacturing facilities also located in Panama City, Florida, USA and

Niterói Niterói (, ) is a Municipalities of Brazil, municipality of the state of Rio de Janeiro (state), Rio de Janeiro in the Southeast Region, Brazil, southeast region of Brazil. It lies across Guanabara Bay facing the city of Rio de Janeiro and forms ...

, Brazil.

References

External links

Official site
Engineering companies of the United Kingdom Manufacturing companies established in 1983 Manufacturing companies based in Newcastle upon Tyne General Electric acquisitions 1983 establishments in Florida {{manufacturing-company-stub

History

Operations

See also

References

External links