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Oil States buys Tempress Technologies for $52.5M

HOUSTON (AP) -- A subsidiary of oilfield services company Oil States International Inc. has purchased Tempress Technologies Inc., a developer of tools used for oil and gas wells, for $52.5 million.

Oil States Energy Services Inc. is funding the transaction with money available under an existing revolving credit facility.

Tempress is based in Kent, Wash.

Shares of Oil States International, which is based in Houston, shed 1 cent to $66.61 in Monday morning trading.