Imdex takes over UK borehole survey equipment maker

DRILLING products and services corporation Imdex says it has completed a ₤6.82 million (A$17 million) acquisition of United Kingdom-based Chardec Consultants, a leading developer and manufacturer of borehole survey equipment.

Imdex said Chardec’s technology offers cost-saving solutions by using electronic instruments to deliver downhole survey data accurately and in a timely manner.

Chardec also develops and manufactures a range of products made by Reflex Instrument, a subsidiary of the Reflex group of companies. Imdex announced in April it proposed to acquire the Reflex group for $A25.4 million.

Imdex shareholders will vote on the Reflex acquisition at a general meeting tomorrow.

“The acquisition of the Reflex and Chardec businesses will further boost Imdex’s vertical integration objectives and increase its market presence as it positions itself as a global supplier of drilling products and services to the resources, energy, quarrying and construction industries,” Imdex said in a statement today.

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