Boston, MA 09\/26\/2013 (wallstreetpr) –\u00a0National-Oilwell Varco, Inc. (NYSE:NOV) is all set to explore a plan via which it will divest its distribution segment. This is something that the company has wanted to do for some time now. It would form 2 separate publicly traded companies. This will help position them in a better manner and their respective services and products can be focused upon better.
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Good scale business<\/b><\/p>\n
Pete Miller, the company\u2019s Chairman said that its distribution business is large enough and scalable enough to operate as a single entity post its 2012, C.E Franklin and Wilson Supply acquisitions. As a separate company this business will have over 415 operations and locations across 26 countries. This would account for approximately 85% of the company\u2019s transmission and distribution segment, for the 6 months that ended 30 July. That segment has posted$2.52B revenue and the revenue of the company as a whole stood at $10.91 billion.<\/p>\n
\u00a0The services<\/b><\/p>\n
\u00a0The distribution company will provide maintenance services, and also repair and operate the supplies to the industrial and global-energy markets. Miller said that the distribution-company would also be in a better position for continued profit-growth. The spin-off is slated to be completed in the 1H2014 and will be based on final board and regulatory approval. Shareholder approval is not necessary for the separation.
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Wednesday\u2019s trading<\/b><\/p>\n
In Wednesday\u2019s trading session,\u00a0National-Oilwell Varco, Inc. (NYSE:NOV) stock rose by 0.53%. The shares opened at a price of $78.66, climbed to an intraday high of $79.88 and headed to a close of $79.10. Approximately 2.34 million shares were traded on Wednesday and an average volume of 2.75 million shares were traded over a period of 30 days. The 52-week low of the shares was $63.08 and the 52-week high was $82.47. The company has a market capitalization of $33.82 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 09\/26\/2013 (wallstreetpr) –\u00a0National-Oilwell Varco, Inc. (NYSE:NOV) is all set to explore a plan via which it will divest its distribution segment. This is […]<\/p>\n","protected":false},"author":15,"featured_media":9106,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3035,3033,3034],"stock_ticker":[],"class_list":["post-9105","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-national-oilwell-varco-inc","tag-national-oilwell-varco-inc-nysenov","tag-nysenov","entry"],"acf":[],"yoast_head":"\n