Quick Facts
FONT-SIZE Plus   Neg
Share SHARE

National Oilwell Varco To Buy Schlumberger's Wilson Distribution Business

RELATED NEWS
Trade NOV now with 

National Oilwell Varco, Inc. (NOV: Quote) said Tuesday that it has entered into an agreement with Schlumberger Ltd. (SLB: Quote) 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."

Click here to receive FREE breaking news email alerts for National Oilwell Varco Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Micro-blogging site Twitter Inc said Tuesday after the markets closed that its second quarter loss widened from last year, hurt mainly by stock-based compensation expense, even as revenue more than doubled thanks to growth in advertising. However, the company's quarterly earnings per share, excluding items, came in above analysts' expectations as did its quarterly revenue. US President Back Obama on Tuesday announced a new round of sanctions against Russia over Moscow's continued involvement in the ongoing conflict in Ukraine, hours after the European Union decided to expand its own sanctions imposed on Russia over the same issue. "Because we are closely coordinating our actions with Europe, the sanctions we are announcing today will have an even bigger bite. After showing a notable move to the upside in early trading on Tuesday, stocks showed a substantial downturn over the course of the session. Concerns about the impact of new sanctions against Russia weighed on the markets.
comments powered by Disqus
FREE Newsletters, Analysis & Alerts

 

Stay informed with our FREE daily Newsletters and real-time breaking News Alerts. Sign up to receive the latest information on business news, health, technology, biotech, market analysis, currency trading and more.