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Swedish manufacturer Sandvik (STO: SAND) has agreed to acquire Varel International Energy Services Inc., Carrollton, TX, for about $740 million. Varel will form a new product area within the Sandvik Venture business area.
Varel is a global supplier of drilling solutions focusing on drill bits, downhole products for well construction and well completion to customers in the oil and gas sector, with some exposure to the mining and construction industries.
Varel's manufacturing sites are located in Houston, TX, Matamoros in Mexico, Aberdeen in Scotland, Tarbes in France, and Kurgan in Russia. 2013 sales were about $340 million.