Rumours Mission will be sold off at a fraction of the cost NOV paid for it
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Does anyone have more information on this ????
not an uncommon strategy to cut your losses
Those of you asking to be "sold" be careful what you wish for because most likely the only thing that will get sold and stick around is the intellectual property, spares and a few personnel. You will no longer be needed at the new business. China doesn't need you.
Please sell us off. I'd love to go to work for a "good" company.
Wonder if the will sell Mission as a whole or just part.
Caps and Rig spilt it already.
It is probably the best thing that could happen too the product line.
Wonder if the will sell Mission as a whole or just part.
Caps and Rig spilt it already.
It is probably the best thing that could happen too the product line.
Mission has always had incompetent management but their failure today has next to nothing to do with that. It's a product that can be bought for 50% cheaper and made nearly as well in Mexico, China or other low cost countries. That and there's absolutely no need for new builds to pad your sales, it's a big fat zero product now.
That sounds about right.
See NOV’s 10 step business model:
- Acquire a profitable company at the highest unjustified price.
- Manage poorly by insulting, abusing and running off all knowledgeable staff and replacing with H1 visa holders at 1/2 labor cost but zero experience.
- Purchase excess levels of out of spec material stocks.
- Purchase the most expensive equipment available which is not capable of performing the job.
- Repetitively disappoint customers with highest prices, longest lead times & severely substandard quality.
- Lose brand loyalty.
- Keep doing it until unsustainable.
- Layoff employees, especially any tenured ones who are passionate about their job and good at what they do.
- Sc-ap all assets and sell residue to competitors at lowest price.
- C Suite makes false / misleading statements to drive up stock price.
- CEO sends out a motivational email to all employees calling them the most valuable resource.
- C Suite sells stocks to maximize personal profits.
- Oops, now lay everyone else off just before Christmas or Retirement.
Back when it was ran correctly it was a huge money making deal with dedicated and proud employees that would bend over backwards to help a customer. This is the most terrible management I've personally ever seen in a company.