Vallourec Announces Offer for Drilling Products Business
BOLULOGNE-BILLANCOURT, France – Vallourec announced Tuesday that it has received a cash offer to purchase its drilling products business, affecting a plant in Houston, the Middle East, the Netherlands, and France.
The company, which owns Vallourec Star in Youngstown, said in a release that Houston-based National Oilwell Varco, or NOV, presented a binding offer to purchase Vallourec’s Drilling Products division for $63 million.
Should the sale move forward, the deal would not include Vallourec Star’s production plants in Youngstown and Houston.
Vallourec Drilling Products has an overall workforce of 600 employees, and produces a wide range of drilling products including drill pipe, drilling accessories and other tubular products.
“This project further supports Vallourec’s transformation plan aiming at strengthening its competitiveness on its strategic markets,” the company said in a statement.
NOV is a multinational company based in Houston that employs about 40,000 people worldwide.
Vallourec Star operates two plants in Youngstown that manufacture oil country tubular goods, or OCTG, pipe for the oil and gas market.
Copyright 2018 The Business Journal, Youngstown, Ohio.
Published by The Business Journal, Youngstown, Ohio.
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