THE WOODLANDS, Texas, May 28, 2020 (GLOBE NEWSWIRE) -- Apergy Corporation (NYSE: APY) today announced its shareholders voted at the Special Meeting of Shareholders to approve the issuance of shares of Apergy common stock in connection with the pending combination of the ChampionX business with Apergy through a merger of Athena Merger Sub, Inc., a wholly owned subsidiary of Apergy, with ChampionX Holding Inc., a wholly owned subsidiary of Ecolab Inc. The merger is expected to be completed in the second quarter of this year, subject to remaining closing conditions.
“Today marks another important milestone as we move toward closing the ChampionX transaction. We are pleased with the outcome of today’s Special Meeting and thank our shareholders for their continued support,” said Sivasankaran “Soma” Somasundaram, President and Chief Executive Officer of Apergy. “The combined company will be a global leader and critical partner to our customers providing a full suite of production-optimization solutions. The transaction is immediately deleveraging and will result in a stronger, more diversified, and more resilient company to navigate the current downturn. Our integration planning is on track, and we look forward to bringing the companies together, realizing the synergies, and delivering significant value for our shareholders.”
Following the closing of the merger, Apergy plans to change the name of the combined company to ChampionX Corporation and to change its ticker symbol to CHX.
More than 99% of the shares voted at the Special Meeting were in favor of the issuance of shares under the merger agreement. Apergy will file the final vote results, as certified by the independent Inspector of Election, on a Form 8-K with the U.S. Securities and Exchange Commission.
About Apergy
Apergy is a leading provider of highly engineered equipment and technologies that help companies drill for and produce oil and gas safely and efficiently around the world. Apergy's products provide efficient functioning throughout the lifecycle of a well - from drilling to completion to production. Apergy’s Production & Automation Technologies offerings consist of artificial lift equipment and solutions, including rod pumping systems, electric submersible pump systems, progressive cavity pumps and drive systems and plunger lifts, as well as a full automation and digital offering consisting of equipment and software for Industrial Internet of Things (“IIoT”) solutions for downhole monitoring, wellsite productivity enhancement, and asset integrity management. Apergy’s Drilling Technologies offering provides market leading polycrystalline diamond cutters and bearings that result in cost effective and efficient drilling. To learn more about Apergy, visit our website at http://www.apergy.com.
