Burckhardt Compression North America Services LLC purchased the remaining 60% of Arkos Group LLC.
With this step, Arkos Group LLC, the parent company of Arkos Field Services, LP, will be a 100% subsidiary of Burckhardt Compression and will be fully consolidated as of November 25, 2019.
The previous CEO and former majority owner of Arkos Group will leave the company but will continue to provide his services and expertise as a consultant to Arkos Field Services. Burckhardt Compression initially acquired a 40% interest in Arkos Group in December 2015. On July 9, 2019, Burckhardt Compression announced to exercise a call option to buy an additional 20% stake in Arkos. During subsequent negotiations the parties agreed that Burckhardt Compression would purchase the remaining 60% of Arkos Group LLC. All legal formalities have been resolved, including the resolution of all legal disputes. Both parties agreed not to disclose any details of the settlement.
Arkos Field Services will be fully consolidated as of November 25, 2019 and has a workforce of 230 employees.
