National Oilwell has majority Sara stake |
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Tue, 31 Jul 2007 20:40
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HOUSTON (AP) - National Oilwell Varco Inc., an equipment supplier for the oil and gas industry, said Tuesday it had acquired a 76 percent stake in Sara Services and Engineers Private Ltd., an India-based oilfield equipment manufacturer.The $26 million cash purchase is National Oilwell Varco's 'first major step into India,' said its chairman, president and chief executive, Pete Miller.'This acquisition represents ... our continued commitment to diversifying our sourcing of materials in the international arena,' Miller said in a statement.Sara operates mainly in India, the Middle East and Asia, but also supplies some U.S. companies.National Oilwell Varco shares rose $1.65 to $121.63 in afternoon trading.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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