05:38 AM EDT, 03/22/2024 (MT Newswires) -- ChampionX ( CHX ) said Friday it has agreed to acquire RMSpumptools Limited from the UK's James Fisher and Sons for 86 million British pounds ($110 million).

The acquisition would add RMSpumptools' mechanical and electrical offerings for lift applications to the oilfield technology firm's portfolio and strengthen its global presence in the Middle East, Latin America and offshore developments.

ChampionX ( CHX ) said it expects RMSpumptools will generate approximately $65 million in 2024 revenue.

The company said the acquisition, expected to close late Q2 or early Q3, will be funded by cash on hand. It is subject to customary regulatory approval, as well as the approval of James Fisher and Sons shareholders.