ChampionX ( (CHX) ) has shared an update.
On February 24, 2025, ChampionX announced a definitive agreement to sell its subsidiary, US Synthetic Corporation, to LongRange Capital for approximately $300 million. This divestiture is part of a larger acquisition strategy involving ChampionX and Schlumberger Limited, with the transaction expected to close following the completion of the merger between ChampionX and SLB. The sale of US Synthetic, which specializes in polycrystalline diamond cutter inserts and other drilling technologies, is anticipated to foster further growth under LongRange Capital’s ownership, while ChampionX continues to focus on its core oilfield technology offerings.
More about ChampionX
ChampionX is a global leader in oilfield technology, specializing in chemistry solutions and highly engineered equipment that assist in the safe and efficient drilling and production of oil and gas worldwide. The company focuses on providing products that enhance the production phase of wells.
YTD Price Performance: 9.02%
Average Trading Volume: 2,433,458
Technical Sentiment Consensus Rating: Sell
Current Market Cap: $5.64B
For a thorough assessment of CHX stock, go to TipRanks’ Stock Analysis page.