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

Quick Facts

Editors Pick
The Eurozone manufacturing moved closer to stagnation in September as German factory sector contracted for the first time in 15 months, final data from Markit Economics showed Wednesday. The manufacturing Purchasing Managers' Index fell more than intially estimated to a 14-month low of 50.3 from August's reading 50.7. The reading was below the earlier flash estimate of 50.5. Indonesia's inflation accelerated in September on food and utility costs, data from the Central Statistics Agency showed Wednesday. The trade balance swung into deficit in August as import growth exceeded the increase in exports. Inflation rose to 4.53 percent in September from 3.99 percent in... The U.K. economy grew more than estimated in the second quarter and the current account deficit widened from the first quarter, the Office for National Statistics said Tuesday. Gross domestic product grew 0.9 percent sequentially, up from the prior estimate of 0.8 percent. The annual growth was confirmed at 3.2 percent.
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.