Sources: National Oilwell Varco, Houston; Ameron International Corp., Pasadena, Calif.; CP staff
Nearly 100 percent of votes cast at an October 5 Ameron stockholders meeting favored a merger with National Oilwell Varco (NOV), closing a transaction the companies’ boards had proposed exactly three months prior. The vote nets Ameron stockholders $85/share and ends the company’s New York Stock Exchange trading.
NOV is a key global player in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations. Upon the merger announcement, it indicated primary interest in Ameron’s energy-grade fiberglass pipe business, while acknowledging opportunities in other Ameron-portfolio markets—concrete and steel pipe and pole production, steel, wind-turbine tower fabrication, and Hawaiian concrete and aggregates businesses.
“Ameron has a long and proud history of serving its customers, and our combined businesses will be exceptionally well positioned to offer unmatched products and technologies to the markets we serve,” said NOV Chairman Pete Miller. “We are excited about jointly tackling the many new opportunities this combination creates.”
“The merger is a sound strategy [and] a win-win for Ameron’s stockholders and NOV,” added outgoing Ameron Chairman James Marlen.