Hunting Reaches Key Milestone That Reflects Deep Heritage and Culture of Continuous Innovation
LONDON, April 15, 2024--(BUSINESS WIRE)--Hunting PLC (LSE: HTG), the global engineering group, today proudly marks a historic milestone as we celebrate 150 years of innovation and technological development.
Throughout its extensive history, our Company has consistently demonstrated remarkable resilience and a steadfast commitment to adapting to evolving industrial and societal dynamics. The entrepreneurial ethos instilled by our founder, Charles Samuel Hunting, in 1874 remains deeply embedded within our organisational DNA. Today, we continuously innovate and adapt to the rapidly changing industry and technological landscapes, striving to unlock new opportunities and foster growth. This unwavering dedication enables us to deliver indispensable services to the global energy sectors and beyond, propelling Hunting forward into a future defined by innovation and excellence.
Hunting’s historic origins
Charles Samuel Hunting ventured into the oil industry during the 1890s, building upon the foundation of a prosperous ship-owning enterprise established by his father, Charles Hunting. In 1874, his father acquired two pre-owned sailing vessels tailored for dry bulk cargo. These acquisitions enabled the family to materialise their ambition of facilitating oil transportation to a growing global customer base as oil's importance to the world economy increased.
The First World War decimated the Hunting fleet; however, amidst the challenges, this adversity sparked an opportunity for diversification, driving Hunting toward resilience and expansion by diversifying the business into the then new and growing aviation sector servicing and manufacturing aircraft, and some years later launching an airline business, Hunting Clan, the first step on its way to becoming a precision engineering specialist. A decade later the Company re-entered the energy market and backed an E&P venture, prospecting for oil in Texas - the operational centre of Hunting's activities today.
Into the 1960s, oil had been struck in Texas, a world-class defence company had been established (whose precision engineering skills gave rise to the formation of the oil services company), an aerial survey and geophysical business with a global reach had been built, and substantial investments had been made in the Canadian oil sector. Petroleum retailing, lubricants, and specialised products were added to the portfolio, and increasingly, outside capital was brought into the business to fund expansion during the 1960s and 1970s.
Originally, the Hunting interests were privately owned and operated as three distinct quoted companies: Hunting Oilfield Services, Hunting Engineering, and Hunting Energy Services. However, in 1989, Clive Hunting led the merger of these entities into the unified organisation known today as Hunting PLC.
In 1993, the Company acquired Interlock Technologies to extend the market presence of the SEAL-LOCK threaded connection product line into the global OCTG market. This technological asset remains a fundamental component of intellectual property within Hunting's current portfolio. Subsequently, in 1995, Hunting completed the acquisition of Petro Tube Corporation. This strategic move significantly enhanced the company's manufacturing capacities, positioning it for sustained growth and expansion.
2000s – Today
The Company has sought to consolidate its global footprint through organic investment and selective acquisition, establishing itself as a key provider of precision engineering services and products to blue-chip clients worldwide.
In 2009, Hunting's strategic manoeuvre of acquiring National Coupling Company Inc. solidified its presence in the subsea sector. The acquisition was pivotal in the Company's portfolio diversification and market expansion efforts. The decision perfectly aligned with Hunting's overarching objectives: to establish market share leadership, utilise proprietary technology, expand its global footprint, and capitalise on synergies within our existing product lines.
Acquiring Texan-based electronics manufacturer Innova-Extel in 2010 paved the way for our Advanced Manufacturing product Group. Subsequent strategic acquisitions including Dearborn, Specialty Supply, and WL Doffing have broadened our product range, serving diverse clients in need of precision manufacturing solutions.
The acquisition of the Titan Group in 2011 marked the largest in the Company's history. It substantially broadened the spectrum and efficacy of products in the wellbore, ranging from downhole instrumentation to perforating systems, enabling global access to complex and unconventional reserves. Hunting Titan has cultivated a comprehensive product portfolio underpinned by robust intellectual property, positioning itself as a components and systems technology frontrunner.
In 2019, Hunting enhanced its subsea operations through the acquisition of RTI Energy Systems. This acquisition broadened the company's product offerings in the deepwater offshore market and aligned perfectly with its objective of investing in differentiated technologies to enhance its value proposition for the offshore oil and gas industry. By integrating RTI Energy Systems' expertise and technologies into its Subsea product line, Hunting solidified its position as a premier provider of solutions for the offshore oil and gas industry.
In 2020, Hunting acquired Enpro Subsea, a leading subsea production technology company, enabling it to enter a new market segment and meet the growing demand for deepwater projects globally. The addition of Enpro's cutting-edge production technology further strengthens Hunting's position as an innovative and reliable partner for clients operating in challenging offshore environments.
Hunting's investment in Cumberland Additive Holding (CAH) in 2021 strategically aligns with its goal of further investing in the future by embracing cutting-edge manufacturing technologies. Cumberland Additive specialises in producing high-quality, intricate 3D printed metal and plastic components for industries such as aerospace, defence, space, and oil & gas. Hunting’s investment in CAH is a key part of our strategy to access new manufacturing technologies our customers are adopting. It also provides new market and customer opportunities in sectors complementary to our core competencies of precision engineering and strongly quality-assured products and procedures.
Hunting 2030: a strategy for growth
In 2023, Hunting PLC unveiled its ambitious Hunting 2030 Strategy, aimed at driving robust growth and enhanced shareholder returns through the decade's end and beyond. This strategic roadmap, rooted in innovation and market adaptability, seeks to maintain relevance in today's dynamic markets while positioning the Company for success in the future. Leveraging data analytics, artificial intelligence, and emerging technologies, Hunting aims to optimise operations and unlock new growth opportunities while prioritising sustainability and environmental stewardship. Hunting is poised to navigate market complexities and drive sustainable growth well into the future through its commitment to innovation, resilience, and long-term value creation.
Hunting PLC Chief Executive Jim Johnson, commenting on the 150th year, said -
"As I reflect on our journey over my 35 years at Hunting, from the strategic acquisitions to the dynamic changes we've embraced, I am filled with pride for the Company’s enduring legacy. Today, Hunting stands as a definitive market leader, manufacturing cutting-edge technologies and products deployed both in the depths of our oceans and beyond the confines of Earth's atmosphere, reaching into the vast expanse of space. The Group has successfully evolved through the many changes witnessed over the last century and a half, adapting its business and strategy to capitalise on the market opportunities that require our unique service offering.
"Looking ahead, I eagerly anticipate many more years of innovation, growth, and success. Together, we'll continue to navigate the ever-evolving energy sector and deliver long-term value to our shareholders, driven by our unwavering commitment to excellence and fuelled by the entrepreneurialism that has defined the Group's culture since 1874."
