Houston’s National Oilwell Varco late Wednesday completed its acquisition of Ameron International Corp. in a deal valued at roughly $777 million.
Ameron’s board in July agreed to sell the Pasadena industrial pipe maker to the nation’s largest oilfield equipment maker. Ameron stockholders approved the merger at a special stockholder meeting earlier today, with around 99 percent of the votes received voting in favor.
Ameron owns pipe manufacturing plants, a concrete construction firm, lamp pole factories and a windmill-building facility. It employs about 2,400 workers worldwide. National Oilwell, which is particularly interested in Ameron’s large fiberglass pipe business for oilfield applications, said it has no immediate plans to relocate operations.
“We are excited about jointly tackling the many new opportunities this combination creates,” said National Oilwell Chief Executive Pete Miller in a statement.
Ameron stockholders will receive $85 in cash for each share that they owned immediately prior to the merger. The cash offer represents a premium of 28 percent over the closing price of shares on the last trading day before the deal was announced on July 4. In addition, the stockholders will receive a quarterly dividend of 30 cents per share, payable today.
“The merger is a sound strategy; a win-win for Ameron’s stockholders and (National Oilwell),” said James S. Marlen, Ameron’s outgoing chairman and chief executive, in a statement.