Sandvik acquires Varel International Energy Services Inc.

News
January 8, 2014

January 8, 2014

Sweden’s Sandvik AB has announced it has reached an agreement to acquire Varel International Energy Services Inc., headquartered in Carrollton, Texas, USA, a global supplier of drilling solutions focusing on drill bits, downhole products for well construction and well completion. The acquisition price is reported at approximately $740 million USD.

Varel’s key customer segment is in the oil and gas sector, with some exposure to the mining and construction industries. The company has manufacturing sites located in Houston (USA), Matamoros (Mexico), Aberdeen (Scotland), Tarbes (France), and Kurgan (Russia).

Varel, currently employing around 1,300, will form a new product area within the business area Sandvik Venture.

“The acquisition forms a platform to enable Sandvik to enter into drilling solutions in the oil and gas sector. The combination of Varel’s solid market position and strong customer offering, and Sandvik’s broader drilling solutions capabilities as well as the extensive knowledge in highly relevant materials and cutting technology will support Varel’s continued growth. I am very impressed by the Varel team and I am excited about our joint opportunities going forward,” stated Tomas Nordahl, President of Sandvik Venture.

“The acquisition continues to position Sandvik in attractive growth segments where we will deliver solutions that increase customers’ productivity. This is in line with Sandviks growth ambition and a way to leverage our technical know how and Varel’s market position,” added Olof Faxander, Sandvik’s President and CEO.

www.sandvik.com  

 

News
January 8, 2014

In the latest issue of PM Review…

Download PDF

Extensive Powder Metallurgy industry news coverage, and the following exclusive deep-dive articles and reports:

  • Phoenix Sintered Metals: A story of transformation, growth and community from America’s PM heartland
  • World PM2024 Yokohama: The stage is set for the PM industry to find a path to sustainable growth
  • The state of Europe’s hard magnets industry and the challenge of optimising the mass production of Nd2Fe14B permanent magnets

The latest news from the world of metal powders, delivered to your inbox

Don't miss any new issue of PM Review, and get the latest industry news. Sign up to our weekly newsletter.

Sign up

Join our community

Discover our magazine archive…

The free-to-access PM Review magazine archive offers unparalleled insight into the world of Powder Metallurgy from a commercial and technological perspective through:

  • Reports on visits to leading PM part manufacturers, metal powder manufacturers and industry suppliers
  • Articles on technology and application trends
  • Information on materials developments
  • Reviews of key technical presentations from the international conference circuit
  • International industry news

All past issues are available to download as free PDFs or view in your browser.

 

Browse the archive

 

Looking for PM production equipment, metal powders, R&D support and more?

Discover suppliers of these and more in our
advertisers’ index and buyer’s guide, available in the back of PM Review magazine.

  • Powders & materials
  • Powder process, classification & analysis
  • PM products
  • Atomisers & powder production technology
  • Compaction presses, tooling & ancillaries
  • Sintering equipment & ancillaries
  • Post-processing
  • Consulting & toll sintering
View online
Share via
Copy link