Grant Prideco Inc., Houston has entered into an agreement with NQL Drilling Tools
Grant Prideco Inc., Houston has entered into an agreement with NQL Drilling Tools Inc. to acquire Diamond Products International Inc., a designer and manufacturer of specialized polycrystalline diamond compact drill bits and coring equipment. Diamond Products International is headquartered in Houston and employs approximately 90 people worldwide. This business will be included in the company's ReedHycalog drill bit segment.
The purchase price will be approximately $17 million. Closing is expected by the beginning of September.