Hunting PLC, an international energy services group, has announced its investment of $5 million in Cumberland Additive Holdings LLC (CAH), Pflugerville, Texas, USA, to become a 27% holder in the company’s capital following completion of the transaction. The parties have also agreed to certain customary minority rights and obligations in connection with Hunting’s equity interest in Cumberland, including representation on its board of directors.
Cumberland offers Additive Manufacturing design services and production of parts in both metal and polymer materials using Powder Bed Fusion (PBF) technology. The company holds AS9100D and ITAR accreditations, supporting customers in the aerospace, defence, space, oil & gas and energy sectors which demand strongly quality assured components to operate in high-performance environments.
Currently, Cumberland occupies a 2,800 m2 facility at its Texas location and is in the process of establishing a second location in Pittsburgh, Pennsylvania, which is intended to improve supply chain efficiency.
Hunting’s investment allows it access to the fast-growing AM sector, which is increasingly being adopted by many of the group’s current oil & gas clients, while also providing opportunities for Hunting to enter new sectors complementary to the group’s current customer profile.
Dawne Hickton, chair and Lead Investor of Cumberland, stated, “The investment by Hunting will assist CAH in achieving its growth ambitions, while providing new customer opportunities through their global operating footprint.”