Service & Supply | General News | Oilfield Services
NOV to Spin-Off into Two Publicly-Traded Companies by 2014
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National Oilwell Varco, Inc. has reported that its Board of Directors has authorized Company management to move forward with exploration of a plan to spin-off NOV’s distribution business from the remainder of the Company, creating two stand-alone, publicly traded corporations.
The Company believes that the separation of the distribution business can be accomplished via a tax-efficient spin-off to NOV shareholders.
Pete Miller, Chairman and CEO of National Oilwell Varco, remarked, "Through the hard work and dedicated efforts of its employees, and with last year’s acquisitions of Wilson Supply and C.E. Franklin, we believe the Company’s distribution business now has the market size and scale to operate as a standalone, world class, distribution company. As a separate company, the…
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