GE Power Systems to acquire UK based PII Group
21 Jan 2002
GE Power Systems has signed a definitive agreement to acquire PII Group Ltd., formerly Pipeline Integrity International, from HgCapital.
Based in the United Kingdom, PII provides pipeline in-line inspections and integrity management services for the oil and gas industry.
Financial terms of the deal were not disclosed.
PII uses in-line inspection tools to gather and assess data to determine the condition of a pipeline. This data is used to optimize pipeline utilization, maintenance and repair service.
In 1998, HgCapital acquired PII from British Gas. PII expanded its position in the pipeline integrity business by making a number of strategic acquisitions. PII now operates in over 45 countries worldwide with an annual revenue base of over $170 million.
PII has headquarters in Cramlington, Newcastle UK and has 775 employees worldwide.
