FLORENCE, Italy-- GE Oil & Gas has agreed to acquire the Hydril Pressure Control business from Tenaris. The acquisition will expand GE's Oil & Gas portfolio and complement VetcoGray's drilling equipment, says GE.
The company says the business, which is expected to generate over $400 million of sales in 2008, is headquartered in Houston and employs over 750 people globally.
"This is another major step for GE Oil & Gas," says Claudi Santiago, president and CEO, GE Oil & Gas. "This acquisition will expand our existing range of products and services and allows us to provide a broader offering of capital drilling equipment to the increasingly complex offshore industry.
"Hydril has an outstanding reputation for quality and reliability, with an extraordinary track record built over more than 70 years serving the oil and gas industry. This, combined with VetcoGray's industry know-how and technology recognition, will accelerate the GE Oil & Gas presence in the fast growing deep water drilling industry."
The closing of the transaction is expected in the upcoming months.