Schlumberger sells Wilson unit to National Oilwell Varco
(Reuters) - Schlumberger Ltd (SLB.N), the world's largest oilfield services company, will sell its piping and fitting unit to National Oilwell Varco (NOV.N) in a cash deal, the firms said on Tuesday.
They did not disclose terms of the deal for the Wilson distribution unit, which also makes valves, lifts and other products used by oil and gas companies.
Wilson was bought as a part of Schlumberger's $11.3 billion buyout of Smith International in 2010.
National Oilwell, which makes equipment used in oil and gas drilling, expects to tap into new market opportunities with the deal, it said in a statement.
Schlumberger shares closed down 0.5 percent at $67.26 while National Oilwell Varco was down around 3 percent at $76 on Tuesday.
(Reporting by Divya Lad in Bangalore; Editing by Daniel Magnowski)
NEW YORK - Wall Street rose modestly on Monday after Chinese inflation data eased worries about policy tightening there, while investors were cautious before speeches on the economy by top Federal Reserve officials.
SAN FRANCISCO - At Pinterest, the four-year-old online bulletin board service that is valued near $3.8 billion, some 70 percent of the users are female. But the company's board of directors is 100 percent male. | Video
BEIJING/HONG KONG - China reiterated its opposition on Thursday to a European Union plan to limit airline carbon dioxide emissions and called for talks to resolve the issue a day after its major airlines refused to pay any carbon costs under the new law.