Varco International supplies technical services and engineered products to the oil and gas drilling, completion, production, and transmission industries worldwide. Its Fiber Glass Systems subsidiary manufactures fiberglass reinforced epoxy pipe and fittings for oil field applications as well as fiberglass downhole tubing and casing. Tuboscope supplies coiled tubing, internal tubular coatings, and inspection services for the petroleum production industry.
Smith Fiberglass Products manufactures fiberglass pipe and fittings for petroleum production, service station, chemical processing, and industrial applications. The company is headquartered in Little Rock, Ark., with plants in Wichita, Kan., and Harbin, China and employs approximately 400 people worldwide.
"The sale of Smith Fiberglass will enable A.O. Smith to concentrate its time and resources on the expansion of its electric motor and water heater businesses," Robert J. O'Toole, chairman and chief executive officer, said. "We believe in Varco International we have found a buyer that is strongly committed to growing in the fiberglass pipe industry."
A.O. Smith Corporation, is a diversified manufacturer with headquarters in Milwaukee, Wis. Its major product lines include fractional horsepower, hermetic, and integral horsepower electric motors, residential and commercial water heating equipment, and hydronic boilers. The company has plants in eight countries and employs approximately 15,000 people. SOURCE A.O. Smith Corporation
CONTACT: Media, Edward O'Connor, 414-359-4100, or Analysts-Investors, Craig Watson, 414-359-4009, both of A.O. Smith Corporation/