Ameron sets October meeting for proposed NOV merger vote
- Published: Tuesday, 20 September 2011 13:33
- Written by CP Staff
Ameron International Corp. stockholders will convene in early October to vote on proposals related to a takeover by Houston-based National Oilwell Varco Inc. The companies’ boards jointly announced July 1 an agreement whereby NOV would acquire Pasadena, Calif.-based Ameron in a $772 cash transaction, with stockholders receiving $85/share —a 27 percent premium to mid-year trading.
An equipment player for oil & gas drilling and production, with Grainger-style catalog for the energy industry, NOV views Ameron’s largest business—fiberglass-composite pipe for transporting oil, chemicals and corrosive fluids—as most strategic to its portfolio.
Under current construction market conditions, fiberglass pipe shipments account for nearly 50 percent of the company’s sales, the remaining volume primarily from a) Ameron Hawaii Division, which produces ready mixed, aggregate and precast at seven plants on the islands of Oahu and Maui and runs fleet of about 100 mixers; b) Ameron Water Transmission Group, which produces concrete drainage, plus concrete or steel pressure pipe, at a Phoenix and two California plants; and, c) Ameron Pole Products Division, which manufactures spun-cast prestressed concrete and steel poles at Alabama, California, Oklahoma and Washington plants.