Business
Innovex Completes Sale of Dril-Quip Eldridge Facility
HOUSTON, September 24, 2025--Innovex completes sale of Dril-Quip Houston Eldridge Facility for a final sale price of $90 million.
About this update from Innovex International, Inc.
[{"type":"image","alt":"","displaySize":"","headline":null,"caption":"","credit":null,"className":"","disableSlideshowImg":false,"size":{"original":{"width":1753,"height":379,"url":"https://media.zenfs.com/en/business-wire.com/ef5c584b1aefe5ceb5dedd92957dabd0"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/rTNK_HX4xzBIxwrAiue2Nw--/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTIwODtjZj13ZWJw/https://media.zenfs.com/en/business-wire.com/ef5c584b1aefe5ceb5dedd92957dabd0","width":960,"height":208},"lightbox":{"url":"https://s.yimg.com/ny/api/res/1.2/xdye7mNPGvRfyFsbKrGafA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTI0MDA7aD01MTg7Y2Y9d2VicA--/https://media.zenfs.com/en/business-wire.com/ef5c584b1aefe5ceb5dedd92957dabd0","width":1200,"height":259}},"lazy":false},{"type":"text","content":"HOUSTON, September 24, 2025--(BUSINESS WIRE)--Innovex International, Inc. (NYSE: INVX) (the "Company," "Innovex" or "we") announced that it has closed on the sale of its facility located at 6401 North Eldridge Pkwy, Houston, Texas 77041 (the "Property" or "Eldridge").","length":318,"tagName":"p"},{"type":"text","content":"The final sale price for the Property was $90.0 million, resulting in estimated net proceeds1 of approximately $86.5 million. Innovex has also entered into a short-term lease of the Property following the closing of the sale, which extends through December 31, 2025, at a rate of $650,000 per month. The short-term lease allows for the completion of ongoing facility consolidation initiatives, ensuring no disruption to customer deliveries.","length":440,"tagName":"p"},{"type":"text","content":"Adam Anderson, CEO of Innovex, commented, "This sale is a meaningful milestone in our transformation journey. The transaction will enhance our already strong net cash position and is significant in size, with expected proceeds equal to nearly 7% of Innovex’s current market cap. Equally as important, this step reshapes our operating footprint: by exiting Eldridge, we are reducing our square footage dedicated to Houston Subsea operations by nearly 80%. We expect this dramatic consolidation to lower costs, simplify operations, and drive efficiencies across the organization. We view this outcome as a powerful combination of financial strength and operational improvement, fully aligned with our strategy of maintaining a lean, flexible cost struct...