The combined company will have a unique position in products and services leading to enhanced competitive position. These objectives include adding new product and service offerings which have a strategic or complementary fit with our existing businesses, including completion and production-related products.
In addition to meeting these objectives, the EVI-Weatherford merger provides the combined company with the critical mass necessary to provide truly innovative technology and product development for our customers. With a strong cash flow stream and a conservatively capitalized balance sheet, EVI Weatherford will aggressively pursue internal and external opportunities to further strengthen its position in its business segments.
The companies also expect additional revenue enhancement as the operations are combined. The transaction is expected to be significantly accretive to cash flow per share immediately and is expected to be accretive on an earnings per share basis in The transaction is subject to approval of both the EVI and Weatherford stockholders as well as customary regulatory approvals. The transaction is currently expected to close in late spring or early summer of this year. These risks and uncertainties include the ability of EVI and Weatherford to achieve the cost savings and revenue benefits currently expected from the proposed merger and the timing and receipt of approvals for the merger.
Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results from the business of the combined company may vary in material aspects from those currently anticipated. Its special service areas included the rehabilitation of older pipeline systems and the provision of services and products for drilling and serving both onshore and offshore gas and oil wells.
It also had an excellent cash flow and zero debt. Weatherford started its own shopping spree under Phillip Burguieres, who became chairman of the company in April Within two years, Weatherford bought eight small companies. The acquisition made Weatherford the sole company offering comprehensive tubular servicing to the oil industry, ranging from tubular running services to pipeline coating and inspection. Additional acquisitions followed through and into , the year in which, at about the same time, Weatherford bought Odfjell Drilling and Consulting Co.
Coverage of the two acquisitions in a single article in The Oil Daily seemed to hint that the two growing competitors were on a collision course. They did not, however, collide; they simply teamed up, creating the world's sixth largest oil field services company. The deal, the first of two major events that led to the emergence of a completely restructured Weatherford International, Inc. Both companies had continued purchasing smaller companies through and into The approval was quickly given, though, and by October the merger was a done deal, "a tax-free pooling of interests.
Over the next two years, Weatherford Enterra continued to grow and prosper. The trend in the oil field service industry was clearly towards the consolidation of groups of companies into major conglomerates, a trend which seemed to hit one peak in , when there were two important mergers. First, Halliburton Co. Bates, Jr. In its first whole year of operations, , in addition to completing the necessary task of restructuring and reorganizing, Weatherford International arranged over a dozen acquisitions and strategic alliances.
At the site, with a derrick, two separate wells, and two additional test cells, Weatherford gained the ability to test its complete inventory of oilfield tools under fully simulated conditions. There were growing pains, however. The petroleum industry had stagnated in the middle of the decade, and in , when the rig count in North America dropped 38 percent, it went into a recession that even worsened in In early , the decline in profits compelled Weatherford to lay off 3, workers, about 25 percent of its work force, and close North American sales and service facilities.
Further, it shifted it focus to international markets, where the rig count drop was only 15 percent. Even with the retrenchment, proved to be a grim year.
Made necessary by its major mergers and acquisitions, the company had known that it had to make some major consolidation and restructuring moves. The industry-wide woes simply exacerbated its reorganization problems, albeit only temporarily. As Bernard J. Duroc-Danner, Weatherford's new CEO indicated, the company's greatest challenge was to assemble all of its acquisitions into a coherent and cohesive whole.
In its consolidation strategies, including its acquisitions and divestitures, Weatherford seemed to be redefining itself, particularly as it moved into the next century. Major steps included the merger of the company's gas compression services with GE Capital, a subsidiary of General Electric Co. We are here to help and want to hear from you. Including brochures, Real Results, product specifications, and more — right at your fingertips.
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