Ameron stockholders will receive US$85.00 per share in cash in return for each of the approximately 9.1 million shares outstanding. The boards of directors of National Oilwell Varco and Ameron have unanimously approved the transaction.

 

Ameron specialises in highly-engineered products and materials for the chemical, industrial, energy, transportation and infrastructure markets, including fiberglass-composite pipes for transporting oil, chemicals and corrosive fluids, water transmission lines and fabricated steel products.

 

National Oilwell Varco provides equipment and components used in oil and gas drilling and production operations, oilfield services, and supply chain integration services to the upstream oil and gas industry.

 

“The acquisition of this leading fiberglass pipe provider will enhance the scale and scope of the solutions we offer to our oil and gas customers worldwide,” said Pete Miller, National OIlwell Varco chairman, president and CEO. “Ameron’s marine and offshore products will expand NOV's offering into seawater handling systems in new oil and gas drilling and FPSO vessels, and our combined oilfield composite pipe operations will benefit from purchasing efficiencies and scale. This combination will position NOV well to help our clients solve various production challenges. The Water Transmission Group and the Infrastructure Products Group also allow NOV to capitalize on leading positions in these industries."