Varco to Buy Houston Firm: Varco International...

Varco to Buy Houston Firm: Varco International Inc., an Orange-based manufacturer of oil drilling equipment, said Monday that it has agreed to acquire Houston-based Baroid Corp.’s Shaffer subsidiary for $39 million. Varco President George Boyadjieff said the Shaffer line of pressure control equipment will enhance Varco’s line of oil- and gas-related equipment. The deal, subject to government and shareholder approval, is expected to close in March. Shaffer reported sales of $72 million in 1991 and has 350 employees in Houston. It will remain an independent subsidiary of Varco.