The Swedish-headquartered Trelleborg Group announced it has sold its U.S. offshore oil and gas operations to an undisclosed buyer.
Located in Toledo, Ohio, the operation develops and manufactures primarily ceramic macrospheres and buoyancy modules.
“We are pleased that we have found a new owner that we know well and who wants to continue developing operations,” said Peter Nilsson, President and CEO of Trelleborg.
The move comes after Trelleborg divested the majority of its U.S. offshore oil and gas operations in 2021.
The divested operation, which is part of the Trelleborg Industrial Solutions business area, reported annual sales of approximately SEK 30 million (US$2.9 million) in 2022, Trelleborg said.
The divestment will contribute positively to cash flow but entail a non-cash capital loss of approximately SEK 90 M (US$8.6 million), which will be recognized as a nonrecurring cost in the fourth quarter of 2023, the company added.