|
|
Article: Tuboscope and Varco International Announce Merger Agreement.
- Article from:
- Business Wire
- Article date:
- March 22, 2000
CopyrightCOPYRIGHT 2000 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Business/Energy Editors
HOUSTON--(BUSINESS WIRE)--March 22, 2000
Varco International, Inc. (NYSE:VRC) and Tuboscope Inc. (NYSE:TBI) today announced a merger-of-equals transaction that will create a combined oilfield equipment and services organization with leading market positions in each of its major business lines. The shares of the combined company, which will be called Varco International, Inc., will be owned equally by the current shareholders of each company. The combined company had revenue of approximately $1 billion in 1999 and nearly 5,300 employees worldwide as of December 31, 1999.
Under the terms of the definitive merger agreement, ...