Printer Friendly

VARCO INTERNATIONAL ANNOUNCES INTENT TO CLOSE HOUSTON PLANT

 VARCO INTERNATIONAL ANNOUNCES INTENT TO CLOSE HOUSTON PLANT
 ORANGE, Calif., Sept. 17 /PRNewswire/ -- Varco International Inc. (NYSE: VRC) announced today that it intends to close the Houston manufacturing plant of its Varco BJ Oil Tools Division. Activities currently performed at that plant will be shifted to other Varco locations, principally the Houston facility of its recently acquired Shaffer Division. Varco BJ Oil Tools products will also continue to be manufactured at its plant in Etten-Leur, Holland. It is anticipated that the necessary transition will be completed by the end of the first quarter of 1993.
 The company indicated that the closure will result in a charge to third quarter earnings of an estimated $4-$5 million and upon full implementation, is expected to result in annual cost savings of approximately $2 million.
 Varco International Inc. is a leader in the design and manufacture of drilling equipment and machinery and rig instrumentation for oil and gas drilling worldwide.
 -0- 9/17/92
 /CONTACT: Richard Kertson, CFO of Varco International, 714-978-1900/
 (VRC) CO: Varco International Inc.; Varco BJ Oil Tools Division ST: California; Texas IN: OIL SU:


BP-EH -- LA025 -- 0846 09/17/92 16:43 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 17, 1992
Words:194
Previous Article:RESIDENTIAL FUNDING MORTGAGE CERTIFICATES 1992-S26 RATED 'AAA/AA' BY FITCH -- FITCH FINANCIAL WIRE --
Next Article:FILENE'S BASEMENT OPENS TWO NEW STORES IN MINNEAPOLIS AREA
Topics:


Related Articles
VARCO INTERNATIONAL INC. TO ACQUIRE BAROID CORPORATION'S SHAFFER SUBSIDIARY
VARCO INTERNATIONAL INC. ANNOUNCES PRELIMINARY AGREEMENT TO ACQUIRE RIGHTS TO MDS SYSTEM
VARCO INTERNATIONAL ANNOUCES RESULTS FOR SECOND QUARTER 1992
VARCO INTERNATIONAL ANNOUCES RESULTS FOR SECOND QUARTER 1992
VARCO INTERNATIONAL INC. ANNOUNCES RESULTS
VARCO INTERNATIONAL REPORTS FOURTH QUARTER AND YEAR-END RESULTS
VARCO INTERNATIONAL ANNOUNCES ACQUISITION
VARCO INTERNATIONAL REPORTS RESULTS
Varco Announces 2 for 1 Stock Split and the Adoption of a Shareholder Rights Plan

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters