Dril-Quip, Inc. and Innovex Downhole Solutions, Inc. Announce CFO Changes for the New Company, Innovex International, Inc
March 18, 2024 at 04:30 pm EDT
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Dril-Quip, Inc. and Innovex Downhole Solutions, Inc. (Innovex) announced a definitive agreement under which Dril-Quip and Innovex will merge in an all-stock transaction to create a unique energy industrial platform. Upon closing of the transaction, Dril-Quip stockholders will own approximately 52% and Innovex stockholders will own approximately 48% of the combined company on a fully diluted basis. Immediately following the completion of the transaction, the name of the combined company will change to Innovex International, Inc. Kendal Reed, current Chief Financial Officer of Innovex, will serve as Chief Financial Officer of the combined company.
Dril-Quip, Inc. is a developer, manufacturer and provider of highly engineered equipment, service and technologies for use in the energy industry. The Company's segments include Subsea Products, Subsea Services and Well Construction. Its Subsea Products segment manufactures highly engineered products with a wide array of deepwater drilling equipment and technology that meets the requirements for harsh subsea environments. The Company's Subsea Services segment provides aftermarket support and technical services with field technicians that support the full installation and lifecycle management of regulatory and industry standards, as well as offering industry training programs. Its Well Construction segment provides products and services utilized in the construction of the wellbore, such as completions, casing hardware and liner hanger systems. Its Well Construction segment also includes Great North's operations. These products and services are used on both land and offshore markets.
DRIL-QUIP, INC. 
