Varel International acquires Pendemak Industries

Varel International has acquired Pendemak Industries, the company's largest and Canadian-based distributor of oil and gas drill bits. Pendemak Industries' name will change to Varel Rock Bits Canada.

Offshore staff

HOUSTON --Varel International has acquired Pendemak Industries, the company's largest and Canadian-based distributor of oil and gas drill bits. Pendemak Industries' name will change to Varel Rock Bits Canada.

Varel says former President of Pendemak Industries, Rod MacKenzie, is now VP, Canada sales and operations, Varel Rock Bits Canada Inc.

"This acquisition is an important milestone in Varel's long-term strategy to be recognized as a leading global drill bit company," says Jim Nixon, president and CEO, Varel International.

"The addition of the Pendemak business to the Varel portfolio is a natural extension of our strategy, positioning us for long-term growth through the existing team without disruption to the Canadian customer base," adds Nixon.

3/16/2007

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