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HOUSTON - Innovex International, Inc. (NYSE:INVX), a company currently valued at $1.22 billion and showing strong financial health according to InvestingPro metrics, has completed the sale of its facility at 6401 North Eldridge Pkwy in Houston for $90 million, generating approximately $86.5 million in net proceeds, according to a company press release.
The oil services company has entered into a short-term lease agreement for the property through December 31, 2025, at a monthly rate of $650,000 to complete ongoing facility consolidation initiatives without disrupting customer deliveries.
The transaction represents nearly 7% of Innovex’s current market capitalization and will reduce the company’s Houston Subsea operations footprint by approximately 80%.
"This sale is a meaningful milestone in our transformation journey," said Adam Anderson, CEO of Innovex. "This step reshapes our operating footprint... We expect this dramatic consolidation to lower costs, simplify operations, and drive efficiencies across the organization."
Kendal Reed, CFO of Innovex, noted that the company has multiple options for deploying the capital, including strategic acquisitions and its share repurchase program, which still has over $90 million in remaining capacity.
Innovex International was formed in 2024 following the merger of Dril-Quip, Inc. and Innovex Downhole Solutions, Inc. The company provides products and services for oil and gas wells throughout North America, Latin America, Europe, the Middle East, and Asia, maintaining a healthy gross profit margin of 33% and strong return on assets of 17%.
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