CARROLLTON, Texas--(BUSINESS WIRE)--Sandvik AB (Sandvik) and The Board of Directors of Varel International Energy Services, Inc. (VIES) jointly announce the finalization of the acquisition of VIES, in its entirety, by Sandvik.
The acquisition was completed on 21 May 2014 and will be consolidated into business area Sandvik Venture as of the same date. VIES will become a platform for Sandvik to expand into the upstream oil and gas industry, and will as such be managed and supported as a stand-alone product area within Sandvik Venture.
Tomas Nordahl, President of Sandvik Venture, commented on the closing of the deal, "This acquisition founds a solid platform to enable Sandvik to enter into drilling solutions in the oil and gas sector, and to strengthen Sandvik’s total customer and growth possibilities. The combination of the VIES solid market position and strong customer offering, along with Sandvik’s extensive knowledge in highly relevant materials will support the company’s continued growth.”
Mr. Nordahl continued, “All three of the operating units of VIES, Downhole Products, Varel Oil & Gas Drill Bits, and Varel Mining & Industrial, bring with them traditions of technical excellence, service, and product performance. We look forward to adding their unique capabilities to the Sandvik Venture team.”
Jim Nixon, VIES, echoed Nordahl’s commitment to growth, “This new chapter for VIES allows us to leverage Sandvik’s extremely strong materials science research, manufacturing knowledge, global presence and financial capabilities while we continue enhancing our capabilities to serve our global customer base.”