The giant National Oilwell Varco (
NOV)'s own M&A strategy is by all appearances a major part of NOV's performance and success story. NOV management "views M&A as a full-time activity", and CFO Clay Williams recently confirmed that the company will continue to find and close "attractive acquisitions." Indeed, 2012 was a very busy year for NOV's M&A team. Though we outsiders don't yet know exactly how many companies they bought or for how much, we do know the company has bought many targets, including big ones such as CE Franklin for $225m, Wilson for $800m, and Robbins & Myers for $2.5B - NOV's biggest acquisitions since it acquired Grant Prideco for $7.2B in 2007. Here's a quick look at the volume of NOV's M&A moves:
| Year | Aggregate price | Companies |
| 2012 | $3000M+ | 8+ |
| 2011 | $1038M | 10 |
| 2010 | $556M | 12 |
| 2009 | $573M | 9 |
NOV acquired Spirit in 2009 and Ambar in 2010, both in drilling fluids. It acquired Welch in 2008 for its temperature control business, and Grant Prideco for its drill pipe products; it acquired Rolligon in 2006 adding more pressure pumping capabilities and coiled tubing products; in 2005 it bought into the machining services market when it acquired Turner, expert in thread repair, adding also Hendershot and Mid-South, both also in machining services.
National Oilwell Varco has effectively used its acquisitions to become a one-stop-shop for drill pipe customers, and is now doing the same in the FPSO market (Floating, Production, Storage, Offloading), based on its acquisitions of APL in 2010, and NKT Flexibles in 2012.
In addition, NOV has also used its acquisitions to gain positions in new geographical markets, with many non-US targets acquired.
The company has made strategic acquisitions to expand its product offering and its global manufacturing capabilities, including adding additional operations in the United States, Canada, Norway, the United Kingdom, Brazil, China, Belarus, India, Turkey, the Netherlands, Singapore, and South Korea.