Smith International was a Fortune 500 company headquartered in the Greenspoint district and in unincorporated Harris County, Texas. Smith International ceased to exist as an independent company following the merger with Schlumberger. This company supplies products to gas and oil production and exploration companies. The company used to be easily identified by its red Sii logo. The company had recently changed its logo to consist of the word "SMITH" in black capital letters with a green globe.
A February 21, 2010 announcement said Schlumberger would acquire the company in an all stock deal valued at $11.3 billion. The sale price is 45.84-a-share price was 37.5 percent higher than Smith's closing price on February 18, 2010. The deal is the biggest acquisition in Schlumberger history.
The merger received unconditional approval from the US Department of Justice on July 27, 2010. Subsequently, the merger with Schlumberger was completed on August 27, 2010.
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Famous quotes containing the word smith:
“I am afraid if there is anything to be afraid of. A precipice cannot hurt you. Lions and tigers can. The streets of New York I consider more dangerous than the Matterhorn to a thoroughly competent and careful climber.”
—Annie Smith Peck (1850–1935)