Texas based National Oilwell Varco plans to acquire Pasadena, California based manufacturer Ameron International Corporation in an all cash transaction for approximately USD 772 million.

The boards of directors for both NOV and Ameron have unanimously approved the transaction, which is subject to customary closing conditions, including the approval of holders of at least a majority of Ameron's outstanding shares. Closing could occur as early as Q4 2011.

Ameron is a manufacturer of highly engineered products and materials for the chemical, industrial, energy, transportation and infrastructure markets. Ameron is also a leading producer of fiberglass-composite pipe for transporting oil, chemicals and corrosive fluids, and specialized materials and products used in infrastructure projects, such as poles and construction materials in Hawaii. Ameron also manufactures water transmission lines and fabricated steel products, such as wind towers.

Mr Pete Miller CEO of National Oilwell in a statement said that "Ameron's marine and offshore products will expand National Oilwell's offering into seawater-handling systems in new oil and gas drilling and (floating production, storage and offloading) vessels.“

NOV operates in the design, manufacture and sale of equipment and components used in oil and gas drilling and production operations, the provision of oilfield services, and supply chain integration services to the upstream oil and gas industry.