Robbins & Myers’ shareholders will receive US$60.00 per share in cash.
The boards of both companies have unanimously approved the transaction, which is expected to close in the fourth quarter of calendar 2012.
Robbins & Myers supplies engineered, application-critical equipment and systems, including Moyno and Tarby pumps, for global energy, chemical and other industrial markets. The company has 3400 employees and operates in 15 countries.
National Oilwell Varco, parent company of Mono Pumps, specialises in equipment and components used in oil & gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil & gas industry.
Pete Miller, chairman, president and CEO of National Oilwell Varco, said: “Robbins & Myers has many complementary products with those National Oilwell Varco currently offers the industry. I am particularly enthusiastic about the prospect of incorporating their downhole tools, pumps and valves into National Oilwell Varco Petroleum Services & Supplies and Distribution & Transmission segments.”
“This transaction allows Robbins & Myers to join forces with an industry leader that will enable its business segments to fully capitalise on their respective strategies, enhance leadership positions in niche applications, and execute growth plans at a faster pace,” said Pete Wallace, president and CEO of Robbins & Myers. “We have worked hard to create a focused business with reduced complexity and a culture of continuous improvement, all based on improving customer productivity and profitability. This is the right time for this transaction and I believe National Oilwell Varco is the right partner to take us to the next level of performance.”