National Oilwell Varco and Ameron International Corporation have confirmed NOV has completed its acquisition of Ameron in a merger transaction valuing Ameron at approximately $777 million. The merger was first announced on July 5, 2011.
Pete Miller, Chairman, President and CEO of NOV, remarked, “We are pleased to welcome Ameron’s employees to the National Oilwell Varco family, and believe that together we have a very bright future ahead. Ameron has a long and proud history of serving its customers well, and our combined businesses will be exceptionally well positioned to offer unmatched products and technologies to the markets we serve. We are excited about jointly tackling the many new opportunities this combination creates.”
James S. Marlen, outgoing Chairman, President and Chief Executive Officer of Ameron said, “The merger is a sound strategy; a win-win for Ameron’s stockholders and NOV. My sincere thanks to all, too numerous to mention, in this successful endeavor. And, my best wishes to Ameron employees and to NOV in the future.”
Ameron stockholders, with approximately 99% of votes received voting in favor of the merger, approved the merger at a special stockholder meeting held on October 5, 2011. The merger was effective when Ameron and NOV filed a certificate of merger with the Delaware Secretary of State’s office on October 5, 2011.
Pursuant to the merger, Ameron stockholders will receive $85 in cash for each share that they owned immediately prior to the merger.Â
Ameron is a multinational manufacturer of highly engineered products and materials for the chemical, industrial, energy, transportation and infrastructure markets. Ameron operates businesses in North America, South America, Europe and Asia, has a presence through affiliated companies in the Middle East, and has approximately 2,900 employees and 25 manufacturing locations on a worldwide basis.
NOV is a major player in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.
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