This development plays a key role in our longer term strategy and proactively addresses the rapidly evolving demands in the energy sector that are largely driven by shale gas and oil.
In response to growth in the petrochemical processing industry driven by the rapid expansion of shale gas production and a generally healthy energy economy, HORIBA has acquired the process analytical division of Cameron, a Houston, Texas based U.S. corporation. Cameron's primary business focuses on products, systems, and services addressing the needs of drilling, fluid transportation, oil and gas production, refining, and other petroleum processes. Their process analytical division focused on integrating measurement systems and providing service to support downstream petroleum production processes. Cameron's process analytical systems business mates well with HORIBA's existing expertise in environmental systems. Through this acquisition, HORIBA aims to enter the process analytical business, and takes a major step to expand our future core business. Synergies will be realized by incorporating the newly acquired process know-how into our existing technologies, adapting and interfacing our products to the unique sample handling requirements demanded by the refining and chemical markets, and leveraging our extensive sales and support network. As a result, we are targeting a six-fold growth in combined sales for our Process and Environmental segment by 2018.