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According to Corac, the purchase was completed for a cash consideration of GBP 0.8m (USD 1.22m), funded using the group's existing cash (GBP 9.6m at 31 December 2014) with an expected payback of less than three years.
Corac's compressors and generators are used in difficult conditions in oil and gas developments and previous testing was based on computer simulations using customer data, physical testing in air at Slough and clean methane tests at Corac's site in Cumbria.
Phil Cartmell, chief executive of Corac Group, commented: "This contract adds to Hunt Graham's order book to give good visibility of future business and shows the value of our strategy to work with world leading EPCs, designing and supplying high integrity products to selected end users.
Corac, based in Slough, Berkshire, specialises in high speed compressor and power electronics, serving the energy and resources sector.
CORAC seems to be a genuine improvement with all the modifications of recent years designed in from the start over the range from 'A' to 'H'.
Corac Group Plc (CRA.LN), an intellectual property and engineering group, has announced that its Downhole Gas Compressor system has completed a two-week test programme at the company's methane test facility at Spadeadam in Cumbria.
JOHN CASSIE had 45.1 per cent with an intellectual property company, Corac, picked to benefit from DTI grants.
Friday: Finals: Catlin, Corac, Marshalls, T Clarke.
TODAY Finals: Merivale Moore, Ricardo; Interims: Alexon, Ashtenne Holdings, Capital & Regional, Concurrent Technologies, Corac Group, Personal Group Holdings.
Atlas Copco Craelius has released its new A.-size CORAC, after extensive field trials, which it describes as "the first truly reliable wire line." Some of its features include the multifunction latches made from high quality steel that improve safety.