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Dril-Quip to lease Houston forge facilities to AFGlobal

Ameriforge Group Inc., doing business as AFGlobal Corp., signed an agreement to lease forge facilities and equipment in Houston from oilfield services provider Dril-Quip Inc. with an option to acquire them, according to a Sept. 10 news release from Dril-Quip.

AFGlobal's industrial forging division will take over operating Dril-Quip's forge facilities, effective Oct. 1, and will continue to supply Dril-Quip with forgings.

The transaction is expected to generate cost savings of $11 million to $13 million per year, Dril-Quip said.