Compagnie Generale de Geophysique announced recently that its subsidiary Sercel executed on November 26th an agreement for the acquisition of a 51% majority ownership in Hebei Junfeng Geophysical Co. Ltd., the main provider of geophones and seismic cables for the Chinese seismic market.
Hebei Junfeng Geophysical Co. Ltd., located in the Hebei province, was originally created by BGP, the largest Chinese geophysical services contractor. BGP will remain shareholder of the company as well as management and employees together with XPEIC, a Chinese geophysical equipment company. Junfeng employs around 500 people and manufactures nearly 2 millions geophones per year. This acquisition reinforces Sercel's presence in China, a growing and promising market for geophysical equipments and will further strengthen its position in international markets.