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Magellan Midstream Partners (NYSE: MMP) announced the retirement of Robert Croyle from its board, effective April 30, after 13 years of service. Sivasankaran "Soma" Somasundaram will succeed him, starting May 1. Soma brings over 30 years of experience in energy and industrial markets, currently serving as CEO of ChampionX Corporation (NASDAQ: CHX). His background includes leadership roles at Apergy Corporation (NYSE: APY) and Dover Corporation, focusing on operational excellence and growth strategies. This board change aims to enhance value for long-term investors.
ChampionX Corporation, formed from the merger of Apergy Corporation and ChampionX Holding Inc., will trade under the ticker symbol 'CHX' starting tomorrow. The merger aims to create a leader in production-optimization solutions, expected to yield $75 million in cost synergies and enhance revenue growth opportunities. Additionally, the transaction improves the company's balance sheet by providing immediate deleveraging. New board members Heidi Alderman and Stu Porter join seven existing directors as the company looks to leverage its expertise in the oil and gas industry.
Apergy Corporation (NYSE: APY) has received shareholder approval for the issuance of Apergy common stock related to the merger with ChampionX, a subsidiary of Ecolab. This transaction, expected to finalize in Q2 2020, aims to create a global leader in production optimization solutions. Over 99% of votes were in favor, indicating strong shareholder support. The combined entity will be named ChampionX Corporation and will adopt the ticker symbol CHX.
Apergy Corporation (NYSE: APY) announced a fireside chat conference call scheduled for May 18, 2020, at 10:00 a.m. CT, hosted by CEO Soma Somasundaram and facilitated by James West of Evercore. The call will feature Deric Bryant from Ecolab and discuss the pending merger between Apergy and ChampionX. Investors can join via webcast or by phone, with details provided. A replay will be accessible for 30 days on Apergy’s website. Investors are encouraged to review important documents related to the merger filed with the SEC.
