Imdex acquires Wildcat for $2m

Mining services company Imdex Ltd has entered into an agreement to fully acquire Queensland drilling services Wildcat Chemicals Australia Pty Ltd for nearly $2 million.

West Perth-based Imdex said it would fund the acquisition through exisiting cash reserves.

"The Wildcat business is complementary to Imdex's existing Drilling Fluids and Chemicals business and will facilitate its continued expansion by adding completion and production chemicals to products offered," Imdex said.

Wildcat manufactures and distributes specialty chemicals including oil field chemicals, process chemicals and drilling fluids.

The company was formed in 1996 and posted an earning before interest and tax for fiscal 2008 of $300,000.

The acquisition is subject to due diligence.