Source Pravda.Ru

Allis-Chalmers consolidates position on US market buying Bronco Drilling

By Margarita Snegireva. In order to gain a firmer foothold in the United States and expand in the Latam and African markets Oilfield services company Allis-Chalmers Energy Inc agreed to buy Bronco Drilling Company Inc for about $437.8 million in cash and stock.

Shares of the companies rose on the news as the deal is expected to benefit both firms at a time when the oilfield services market in North America is being hit by weaker prices fueled by oversupply.

The Allis-Chalmers Manufacturing Co. of Milwaukee was an American manufacturer with diverse interests, perhaps most famous for their bright orange farm tractors. The company eventually divested its manufacturing businesses and today is known as Allis-Chalmers Energy based in Houston, Texas. Micki Hidayatallah is the current Chief Executive.