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Article: ION and BGP Announce Joint Venture for Land Seismic Equipment.(Company overview)
- Article from:
- Ecology, Environment & Conservation
- Article date:
- November 13, 2009
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ION Geophysical Corporation (NYSE:IO) and BGP Inc., a world-leading geophysical company, announced that they have signed a term sheet to create a joint venture that will provide land seismic products worldwide. The joint venture will align ION's innovative land equipment business with BGP's own expertise and experience in land seismic operations to create a new enterprise with the resources, technology and experience required to provide state-of-the-art products and services on a global basis.
ION will significantly enhance its financial position through total cash proceeds of $175 million from BGP. BGP will receive a 51 percent interest in the joint venture and ...