National Oilwell Acquires Baylor Company Assets
National-Oilwell, Inc. (NYSE:NOI) today announced that it has acquired the assets of the Baylor Company and subsidiaries from Boots & Coots International Well Control, Inc. (AMEX:WEL) for $29 million cash. In 1999, the acquired business had revenues of approximately $35 million.
Pete Miller, President of National Oilwell's Products and Technology Group stated, "Baylor is the undisputed leader in the design and manufacture of braking systems for use on drilling rigs. Additionally, large synchronous generators manufactured by Baylor are a very complementary fit with National Oilwell's product line. This acquisition enhances our ability to provide critical products and services to our drilling contractor customers."
National Oilwell is a worldwide leader in the design, manufacture and sale of comprehensive systems and components used in oil and gas drilling and production, as well as in providing supply chain integration services to the upstream oil and gas industry.
Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by National Oilwell with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.