NuTek Acquisition
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IRVINE — NuTek Inc. said Thursday it has signed an agreement to purchase Non-Magnetic Rental Tools Inc., a Broussard, La., supplier of drilling equipment.
Non-Magnetic revenue for 1996 totaled approximately $3.6 million, an increase of 40% over 1995. Revenue this year is expected to reach $5.4 million.
As part of the transaction, the drilling equipment supplier will place a representative on the board of NuTek, which has acquired two other companies with oil-industry operations in the last couple of years.
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