Smiths Group plc, a global technology business listed on London’s main market, has acquired Texan oilfield equipment specialist Fiber Composite Company to complement a business it purchased last year.

Smiths’ specialty engineering business John Crane acquired CDI Energy Services from Allegiance Capital for around $37 million (£18.9 million) last April.

The addition of Fiber Composite to Smiths’ portfolio will enhance John Crane’s artificial lift systems business.

Fiberod manufactures fibre-glass sucker rods used for the artificial lift of oil & gas from reservoirs, which can be used as a light-weight alternative to the traditional steel rods. Last year the company achieved sales of £12 million.

Smiths’ specialty engineering MD Paul Cox says CDI is using the John Crane worldwide network to penetrate new territories, and believes that since Fiberod already supplies CDI with rods, the acquisition clears the way for closer co-operation and growth.