Innovex Completes Purchase Of Downhole Well

(MENAFN- Baystreet) Innovex International, Inc. (NYSE: INVX) shares made small gains in the first hour Monday. The company, a leading provider of products and technologies to the oil and gas industry, announced that it has completed the acquisition of the remaining equity ownership of Downhole Well Solutions, LLC (“DWS”). Innovex previously made a minority investment in DWS in May 2023 and is pleased to continue its successful partnership with DWS and its management team.

Founded in 2019, DWS is a leading provider of proprietary drilling optimization and friction reduction tools that are rented to operators in multiple US Land markets. DWS' commitment to customer satisfaction and the superior performance of their unique tools have allowed them to quickly establish themselves as one of the premier providers of downhole drilling optimization tools in the US Land market.

“This acquisition adds another industry leading technology to Innovex's product portfolio, enabling Innovex to offer customers a more complete portfolio,” said CEO Adam Anderson.“DWS has established a culture that is an excellent fit with Innovex's 'No Barriers' culture, and we look forward to working together to deliver superior growth, cash flow, and returns for our shareholders.”

“We are excited to join forces with Innovex and take the next step in our partnership,” said Taylor Janca, Managing Partner of DWS.“Combining with Innovex provides an ideal platform to further expand our technologies in the US Land market as well as establish ourselves in several international markets where there is strong demand for our technologies.”

INVX shares took on nine cents to $16.36.

MENAFN02122024000212011056ID1108947047