Innovex Sells Dril-Quip Facility for $95 Million, Texas
[Click image to enlarge]
Innovex International has entered into a definitive agreement to sell its facility located at 6401 North Eldridge Pkwy, Houston, Texas 77041. The sale price for the property is $95 million and the sale is expected to close in the third quarter of 2025.
Innovex intends to enter into a short-term lease of the property in connection with the sale to allow for completion of ongoing facility consolidation initiatives, ensuring no disruption to customer deliveries.
“The sale of the Eldridge campus represents a significant milestone in our ongoing transformation of the Dril-Quip business. The expected proceeds from the sale of this facility represent approximately 9 percent of Innovex’s current market cap and will further bolster the company’s existing net cash position. We expect the exit of Eldridge to reduce our operating footprint dedicated to Subsea operations in Houston by 82 percent, not only driving significant cost reduction, but more importantly enabling better on-time delivery and responsiveness to our customers’ needs,” said Adam Anderson, CEO of Innovex.
“We are extremely pleased with this outcome, which fits our strategy of maintaining a flexible cost structure and a conservative balance sheet to take full advantage of the opportunities created by industry cycles,” added Anderson.
“The proceeds from the sale of Eldridge are expected to further strengthen our balance sheet. We have multiple avenues to deploy this capital to drive long-term returns for our shareholders, including our previously announced $100 million share buyback authorization as well as a robust M&A pipeline. We will continue evaluating those alternatives against each other in the context of our dynamic market environment,” said Kendal Reed, CFO of Innovex.
Innovex and Dril-Quip completed their merger in September 2025.
Innovex International is a Houston-based company established in 2024 following the merger of Dril-Quip and Innovex Downhole Solutions. Their comprehensive portfolio extends throughout the lifecycle of the well; and innovative product integration ensures seamless transitions from one well phase to the next, driving efficiency, lowering cost, and reducing the rig site service footprint for the customer. With locations throughout North America, Latin America, Europe, the Middle East and Asia, their team is readily available with technical expertise, conventional and innovative technologies, and ever-present customer service.
Be in-the-know when you’re on-the-go!
FREE eNews delivery service to your email twice-weekly. With a focus on lead-driven news, our news service will help you develop new business contacts on an on-going basis.
CLICK HERE to register your email address.
Copyright © 2025 Mining Connection LLC. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
For licensing permission, .(JavaScript must be enabled to view this email address)
