Swedish high-technology engineering and steelmaking group Sandvik has announced that it has completed the acquisition of Varel International Energy Services Inc., a manufacturer of drill bits. The parties had reached an agreement for the acquisition in January this year.
According to Varel, the acquisition will enable Sandvik to expand into the upstream oil and gas industry.
Varel International Energy Services Inc. will be included in Sandvik Venture's second quarter results. The work to integrate Varel International Energy Services Inc. in the business area of Sandvik Venture will start immediately.
Source:
http://www.steelorbis.com/steel-news/latest-news/sandvik-enters-into-drilling-solutions-market-with-varel-acquisition-829928.htm