BAAR, Switzerland, July 20, 2018 /PRNewswire/ -- A subsidiary
of Weatherford International plc (NYSE: WFT) (the "Company" or
"Weatherford") today announced it has sold all of its ownership
interest in Sunita Hydrocolloids Pvt Ltd (SHPL). SHPL is a joint
venture formed by Weatherford and its joint venture partners in
2007 and is a leading manufacturer and supplier of natural and
chemically modified guar gum used as a gelling agent for Pressure
Pumping. Weatherford has sold its stake to the joint venture
partners for an undisclosed amount as part of its portfolio
rationalization. Weatherford will use the proceeds to reduce its
debt.
"Following our successful exits from the Engineered Chemistry
business in 2014 and the Pressure Pumping business in 2017, the
production of guar gum is no longer a core focus for the Company,"
said Mark A. McCollum, President and
CEO of Weatherford. "We have enjoyed a successful partnership with
Sunita which was a reliable supplier of highest quality product to
our businesses."
This transaction is another small step designed to maximize
Weatherford shareholder value by refocusing the Company's portfolio
on the businesses most closely aligned with its long-term strategy
and to reduce its debt.
About Weatherford
Weatherford is one of the largest
multinational oilfield service companies providing innovative
solutions, technology and services to the oil and gas industry. The
Company operates in over 90 countries and has a network of
approximately 780 locations, including manufacturing, service,
research and development, and training facilities and employs
approximately 28,700 people. For more information,
visit www.weatherford.com and connect with Weatherford
on LinkedIn, Facebook, Twitter and YouTube.
About Sunita Hydrocolloids
The Sunita Hydrocolloids
Pvt Ltd (SHPL) joint venture with Weatherford International Ltd,
USA came in existence in
August 2007 as a successor to the
standalone company Sunita Minechem. SHPL has become a leading
manufacturer & supplier of natural and chemically modified guar
gum with two manufacturing plants in Jodhpur, India. SHPL manufactures & exports native,
modified and chemically derived guar gum products for Oil &
Gas, Paper, Food, Personal Care, Mining, Water Treatment
industries.
SHPL's US subsidiary Sunita Hydrocolloids Inc. (SHI) based in
Houston has been established to
facilitate easy access to and prompt delivery of natural and
chemically modified guar gum products to customers in USA and
nearby countries.
Contacts:
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Christoph
Bausch
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+1.713.836.4615
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Executive Vice
President and Chief Financial Officer
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Karen
David-Green
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+1.713.836.7430
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Vice President -
Investor Relations, Marketing and Communications
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