PEORIA, Ill. -- Caterpillar has announced it has embarked on a 50-50 joint venture with Ariel Corporaation that will provide well service pressure pumping products for customers in the oil and gas industry.
The combined venture, Black Horse LLC, also announced the acquisition of pump manufacturer ProSource of Houston, Texas.
"We are thrilled to partner with Ariel to bring our petroleum customers not just a partial solution, but a complete package," said Tom Frake, Caterpillar vice president with responsibility for Marine and Petroleum Power. "Together, with the support of our Cat dealer network, we can provide not only a complete pressure-pumping solution, but also the global parts and service support to maximize up-time throughout the world. This deal significantly improves our capability to meet our oil and gas customers' needs for reliable, sustainable power."
Under the arrangement, executives from Caterpillar's Marine and Petroleum Power Division and Ariel Corporation will jointly lead Black Horse LLC.
Black Horse LLC is headquartered in Houston, Texas.