Rockwell, Schlumberger Announce Closing Of JV - Quick Facts

(RTTNews) - Rockwell Automation (ROK) and Schlumberger (SLB) announced the closing of their joint venture, Sensia. Rockwell Automation made a $250 million cash payment to Schlumberger at closing.

Headquartered in Houston, Texas, the Sensia joint venture is projected to generate initial annual revenue of $400 million. It will employ approximately 1,000 employees.

"Sensia will make industrial-scale digitalization and seamless automation available to every oil and gas company so their assets can operate more productively and profitably," said Allan Rentcome, CEO of the joint venture.