ChampionX Corporation, formerly known as Apergy Corporation, has announced completion of the merger of the businesses of Apergy Corporation and ChampionX Holding Inc., the former upstream energy business of Ecolab Inc. In association with this transaction, Apergy Corporation has changed its name to ChampionX Corporation.

"Today we are proud to launch ChampionX, a company that will be an essential player and long-term winner in the oil and gas industry,” said Sivasankaran “Soma” Somasundaram, President and Chief Executive Officer of ChampionX. “Our combined company will be a strong and resilient organization with a broad geographic footprint, high quality customer base, and significant recurring revenue. The combination enables us to bring together a unique platform with best-in-class product lines in artificial lift, production chemicals, and digital technology delivered with superior service capabilities to provide the full spectrum of production-optimization solutions to our customers. Our 7,000-plus talented employees around the world will continue to work collaboratively to solve problems for our customers. Financially, the successful completion of this transaction results in a company with sustainable strong free cash flow generation and has an immediate deleveraging benefit for the Company’s balance sheet.  We will immediately implement our plans to capture the $75 million in expected cost synergies, plus additional revenue growth opportunities made possible by the complementary product, geography, and customer profiles of the combined organization.

“I am delighted to welcome Heidi Alderman and Stu Porter to the ChampionX board of directors. They are both highly qualified individuals and we will greatly benefit from their experience and guidance. We are excited about our future as ChampionX, and as we begin our journey we will be guided by our purpose of ‘improving lives’ supported by our foundation of a strong culture and operating principles.”

The transaction resulted in existing Ecolab shareholders owning approximately 62% of ChampionX on a fully diluted basis, with legacy shareholders of Apergy owning approximately 38% of ChampionX on a fully diluted basis.

KeyFacts Energy Industry Directory: ChampionX