logo
Share SHARE
FONT-SIZE Plus   Neg

National Oilwell Varco To Buy Schlumberger's Wilson Distribution Business

National Oilwell Varco, Inc. (NOV) said Tuesday that it has entered into an agreement with Schlumberger Ltd. (SLB) to purchase its Wilson distribution business segment.

Terms of the all-cash deal, which remains subject to customary closing conditions, including regulatory approval, were not disclosed.

Wilson is a distributor of pipe, valves and fittings as well as mill, tool and safety products and services to the international energy business and to other industrial customers. Wilson employs about 2,500 employees as a standalone Schlumberger business unit. Schlumberger acquired Wilson International Inc. as part of the acquisition of Smith International in 2010.

Pete Miller, Chairman, President and CEO of National Oilwell Varco, said, "We are excited about the new market opportunities Wilson will open for our Company, and we look forward to welcoming the Wilson employees into National Oilwell Varco soon."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Alteryx, Inc., a provider of self-service data analytics software, is the latest tech company to go public in March. Alteryx said it has priced its IPO of 9 million shares of its Class A common stock at $14 per share, at the top end of its range of $12 to $14 per share. Dunkin' Donuts is bidding adieu to one of its frozen coffee beverages this summer. However, loyal fans of the decades-old menu staple have not taken kindly to the news. The coffee chain said it will discontinue its popular Coffee Coolatta beverage this summer and instead, introduce the new Frozen Dunkin' Coffee, made with coffee extract, sugar and milk. Canadian pipeline operator Enbridge Inc. said it will cut about 1,000 jobs, or six percent of its workforce, following the completion of its acquisition of Houston-based Spectra Energy Corp. The job cuts will take place across the merged company.
comments powered by Disqus
Follow RTT