Varel International Acquires Pendemak Industries

Varel International has acquired Pendemak Industries, the company's largest and long-time Canadian-based distributor of oil and gas drill bits. Pendemak Industries will now be known as Varel Rock Bits Canada. The acquisition does not affect any of the Canadian leadership or sales force. Former President of Pendemak Industries, Rod MacKenzie, will continue on with the title Vice President, Sales and Operations – Canada, Varel Rock Bits Canada Inc.

"This acquisition is an important milestone in Varel's long-term strategy to be recognized as a leading global drill bit company," said Jim Nixon, President and CEO, Varel International. "The addition of the Pendemak business to the Varel portfolio is a natural extension of our strategy, positioning us for long term growth through the existing team without disruption to the Canadian customer base."

In 1980, Pendemak Industries Ltd. was founded by the MacKenzie Family in Edmonton, Alberta and has since operated as Varel's exclusive distributor of oil and gas drill bits for Canada. During the past 27 years, Pendemak has grown to be a very respectable organization with a large and knowledgeable technical sales force.

"Pendemak has established a highly successful business in the Canadian market by developing and cultivating long-term customer relationships by combining a talented and dedicated sales team with technical savvy," said Nixon. "Their expertise and knowledge of Canadian market will bring tremendous value to our customers. We are proud to welcome this team into our organization."

Announcing Varel Rock Bits Canada

"This acquisition is a positive move for our customers, Pendemak employees and Varel International," said Rod MacKenzie, Vice President, Sales and Operations, Varel Rock Bits Canada. "Teaming up with Varel allows the Canadian group to remain a smaller company focused on cultivating long-term relationships with our customers, while giving us full access to the technical resources and funding of a major drill bit company. Being fully integrated into the Varel organization will accelerate product development for the Canadian market, providing benefits to our customers, our employees and, ultimately, to Varel."