Sandvik Enters Upstream Service Industry With $740 Million Acquisition Of Texas Company

摘要

Drilling supplier Varel International Energy Services Inc. said Jan. 7 that it would sell its 66-year-old company to a Swedish firm Sandvik AB for $740 million. Varel, based in Carrollton, Texas, will remain a separate company with its 1,300 employees in 60 different countries and form a new product area within Sandvik Venture. “VIES will operate as a stand-alone entity within the business area Sandvik Venture and, as a result, we anticipate only positive impact to product delivery and customer support,” said Jim Nixon, Varel president and CEO.