Market Overview

National Oilwell Varco to Plan Spin-Off of Distribution Business into Separate Publicly Traded Company

National Oilwell Varco, Inc. (NYSE: NOV) announced today that its Board
of Directors has authorized Company management to move forward with
exploration of a plan to spin-off NOV's distribution business from the
remainder of the Company, creating two stand-alone, publicly traded
corporations. The Company believes that the separation of the
distribution business can be accomplished via a tax-efficient spin-off
to NOV shareholders.

Pete Miller, Chairman and CEO of National Oilwell Varco, remarked,
“Through the hard work and dedicated efforts of its employees, and with
last year's acquisitions of Wilson Supply and C.E. Franklin, we believe
the Company's distribution business now has the market size and scale to
operate as a standalone, world class, distribution company. As

See full press release

Posted-In: News Guidance Contracts Management Stock Split Global

 

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