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Houston-based National Oilwell Varco Inc. and Pasadena, CA-based Ameron International Corp. said National Oilwell will acquire Ameron for $772 million cash. Ameron's shareholders will receive $85/share. The deal is expected to close in the fourth quarter. Ameron is a producer of fiberglass-composite pipe used to transport oil, chemicals and corrosive fluids. National Oilwell designs and manufactures oil/gas drilling and production equipment. It was not disclosed what is planned for Ameron's California headquarters or its 2,900 employees worldwide.

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