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DMC plans to make an additional capital contribution of approximately USD2.2m into the LRI business to reduce indebtedness and enhance working capital. Alberta-based LRI strengthens the North American presence of DMC's oilfield products segment.
LRI produces and distributes perforating equipment for use in the oil and gas exploration and production industry. From 2006 through 2008, LRI recorded average annual sales of approximately CAD10.6m and average gross margins of approximately 33%, which are comparable to the historic gross margins of DMC's Oilfield Product segment.
(USD1=CAD1.08)
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