NOW Inc. Spins off from National Oilwell Varco, Inc.
HOUSTON -- May 30, 2014
NOW Inc. (NYSE:DNOW) spun off from National Oilwell Varco, Inc. (“NOV”) today,
entering the market as one of the largest distributors to the energy industry.
Effective as of 5:00 p.m. Eastern Time on May 30, 2014, DistributionNOW shares
were distributed to NOV shareholders at a rate of one share of DistributionNOW
common stock for every four shares of NOV common stock held as of 5:00 p.m.
Eastern Time on May 22, 2014. Regular way trading of DistributionNOW common
stock will begin on June 2, 2014. DistributionNOW stock will be traded on the
NYSE under the ticker symbol “DNOW.”
“At our core, we are a distribution and supply chain services company focused
on serving our energy and industrial customers,” said Robert Workman,
DistributionNOW President and CEO. “This move benefits all our stakeholders.
We will continue to grow our footprint in North America and internationally,
provide more opportunities for our DistributionNOW team members and maximize
profitability for shareholders. We are all extremely excited about the
NOW Inc. is one of the largest distributors to the energy industry on a
worldwide basis, with a legacy of over 150 years. NOW operates primarily under
the DistributionNOW and Wilson Export brands. Through its network of over 300
locations and over 5,000 employees worldwide, NOW stocks and sells a
comprehensive offering of energy products as well as an extensive selection of
products for industrial applications. NOW also provides supply chain
management solutions to energy and industrial manufacturing companies around
Statements made in this press release that are forward-looking in nature are
intended to be “forward-looking statements” within the meaning of Section 21E
of the Securities Exchange Act of 1934 and may involve risks and
uncertainties. These statements may differ materially from the actual future
events or results. Readers are referred to documents filed by NOW Inc. with
the Securities and Exchange Commission, including its registration statement
on Form 10, which identify significant risk factors which could cause actual
results to differ from those contained in the forward-looking statements.
Daniel Molinaro, 281-823-4941
Press spacebar to pause and continue. Press esc to stop.