Grant Prideco acquiring DPI

    Aug. 20, 2004
    Grant Prideco Inc., Houston, said Friday it entered a definitive agreement with NQL Drilling Tools Inc. to acquire Diamond Products International Inc., designer and manufacturer of specialized polycrystalline diamond compact drillbits and coring equipment.

    By OGJ editors

    HOUSTON, Aug. 20 -- Grant Prideco Inc., Houston, said Friday it entered a definitive agreement with NQL Drilling Tools Inc. to acquire Diamond Products International Inc., designer and manufacturer of specialized polycrystalline diamond compact drillbits and coring equipment.

    Based in Houston, DPI is the market leader in bi-center bits with approximately 50% of that market. It employs 90 people worldwide. Its 2003 revenue was $19 million.

    It will be combined with Grant Prideco's ReedHycalog drillbit unit. Purchase price is $17 million before transaction costs and adjustments related to working capital. Closing is to be completed in 14 days, subject to customary terms and conditions.

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