Sweden’s Sandvik AB recently announced the finalisation of the acquisition of the Varel International Energy Services, Inc. (VIES) in its entirety on May 21, 2014. VIES, based in Carrollton, Texas, USA, is a leading producer of hard and ultrahard material tools for the oil and gas industry, and the acquisition will be consolidated into the Sandvik Venture business area.
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.”
“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,” he stated.