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December 14, 1991 | From Times Staff and Wire Reports
Smith International to Cut Staff by 23%: Houston-based Smith International Inc. said it will cut 23% of its worldwide work force, or about 750 jobs, by year's end because of a slowdown in U.S. oil drilling. The company supplies drill bits and other equipment to oil and gas companies.
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BUSINESS
July 22, 1987 | JANE APPLEGATE
Smith International Inc. filed its bankruptcy reorganization plan in court Tuesday as scheduled. The company still has to file a disclosure statement, which will spell out all the details of the plan. U.S. Bankruptcy Judge James R. Dooley scheduled a hearing for Aug. 24 on that filing. Smith filed for protection under Chapter 11 of the federal bankruptcy code 16 months ago, after being ordered to pay a $205-million judgment to Hughes Tool Co. in a patent infringement suit.
BUSINESS
November 16, 1989 | From Associated Press
Dresser Industries Inc., an oil services company, said Wednesday that it has offered to purchase Smith International Inc., a manufacturer of oil and gas drilling equipment, in a deal valued at $567 million. Dresser said the acquisition would broaden its base and prepare the company for resurgence in the petroleum business. "This is a recognition that the bust is behind us and we're going to move," said Dresser spokesman Herb Ryan. Dresser has offered $14.
BUSINESS
August 22, 1985 | JANE APPLEGATE, Times Staff Writer
The painting of a stormy landscape hanging behind Smith International Inc. Chairman Jerry Neely's desk suits the dark mood around the company's Newport Beach headquarters. So far this year, the provider of equipment and services for oil and gas drillers reported a 6-month loss of $50 million and laid off more than 800 workers, including 31 at the corporate headquarters.
BUSINESS
December 14, 1991 | From Times Staff and Wire Reports
Smith International to Cut Staff by 23%: Houston-based Smith International Inc. said it will cut 23% of its worldwide work force, or about 750 jobs, by year's end because of a slowdown in U.S. oil drilling. The company supplies drill bits and other equipment to oil and gas companies.
BUSINESS
July 21, 1987
Smith International Inc.'s 10 largest creditors, according to its Chapter 11 bankruptcy filing: 1. Hughes Tool Co.*, $205 million. 2. First Fidelity Bank (N.J.), $77 million. 3. Chase Manhattan Bank, $58.3 million. 4. Security Pacific Bank, $27.4 million. 5. Midland Bank (London), $25.6 million. 6. Bank of America, $19.1 million. 7. Morgan Guaranty Trust (N.Y.), $15.1 million. 8. Amsterdam-Rotterdam Bank (London), $13.6 million. 9. Royal Bank of Scotland (London), $12.3 million, 10.
BUSINESS
November 16, 1989 | From Associated Press
Dresser Industries Inc., an oil services company, said Wednesday that it has offered to purchase Smith International Inc., a manufacturer of oil and gas drilling equipment, in a deal valued at $567 million. Dresser said the acquisition would broaden its base and prepare the company for resurgence in the petroleum business. "This is a recognition that the bust is behind us and we're going to move," said Dresser spokesman Herb Ryan. Dresser has offered $14.
BUSINESS
February 11, 1986
Smith International Inc. sold the 19-acre facility that once housed its Smith Tool operations in San Bernardino to Loma Linda University Medical Center for $5 million. Smith's tool subsidiary, which manufactures drilling bits and other machinery used in oil exploration and drilling, has been especially hard hit by the prolonged, and continuing, drop in oil prices over the last several years.
BUSINESS
July 1, 1986
Smith International Inc., the Newport Beach-based oil services company which last March filed for protection under Chapter 11 of the U.S. Bankruptcy Code, on Monday received an extension to Dec. 31 to propose a plan to reorganize its debt. The deadline for submitting a plan would have expired this month. The extension was granted at Smith's request by U.S. Bankruptcy Judge James R. Dooley, who accepted the company's argument that the case was exceptionally large and complicated.
BUSINESS
November 16, 1988 | ERIC SCHINE, Times Staff Writer
Smith International Inc., the Irvine-based oil well equipment maker that recently announced plans to close down its Irvine drill bit plant and move its headquarters to Houston, reported a third-quarter loss of $25.3 million. Expenses associated with the move and plant closing accounted for $23.4 million of that loss. Costs related to the closing include the transfer of 150 to 200 workers from Irvine to Houston or to Smith's Ponca City, Okla.
BUSINESS
October 26, 1988 | ERIC SCHINE, Times Staff Writer
Smith International, one of the nation's leading oil well equipment makers and an Orange County presence for 52 years, said Tuesday that it is closing its Irvine drill bit plant and moving its headquarters to Houston. A total of 456 plant workers and 30 corporate staffers will be affected by the California pullout, which will be completed by March 31, 1989, said Smith President Doug Rock.
BUSINESS
December 11, 1987 | LESLIE BERKMAN, Times Staff Writer
In a move applauded by Wall Street, Smith International said Thursday that Jerry W. Neely has resigned as chairman and chief executive of the Newport Beach oil tool manufacturer, which recently emerged from 20 months of bankruptcy proceedings. Neely, 51, had been chief executive since 1976, and chairman since 1978.
BUSINESS
November 11, 1987
Smith International, a Newport Beach-based oil services company reorganizing under Chapter 11 of the federal bankruptcy code, reported a $6.2-million profit for the third quarter, contrasted with a $64.4-million loss posted in the same period last year. However, the beleaguered company posted an operating loss of $4.9 million for the three months. The quarterly profit reflected a one-time gain of $11.
BUSINESS
November 16, 1988 | ERIC SCHINE, Times Staff Writer
Smith International Inc., the Irvine-based oil well equipment maker that recently announced plans to close down its Irvine drill bit plant and move its headquarters to Houston, reported a third-quarter loss of $25.3 million. Expenses associated with the move and plant closing accounted for $23.4 million of that loss. Costs related to the closing include the transfer of 150 to 200 workers from Irvine to Houston or to Smith's Ponca City, Okla.
BUSINESS
January 25, 1985 | JESUS SANCHEZ, Times Staff Writer
Smith International Inc., the troubled oil services firm, plans to lay off about 700 workers next month from its Irvine-based tool division, a company spokesman confirmed late Thursday. "All or nearly all" of the layoffs, which will be effective Feb. 8, will be at the company's Smith Tool division headquarters in Irvine, said the spokesman, who asked not to be identified. He said the cutbacks would involve employees in assembly operations and "certain white-collar functions."
BUSINESS
July 22, 1987 | JANE APPLEGATE
Smith International Inc. filed its bankruptcy reorganization plan in court Tuesday as scheduled. The company still has to file a disclosure statement, which will spell out all the details of the plan. U.S. Bankruptcy Judge James R. Dooley scheduled a hearing for Aug. 24 on that filing. Smith filed for protection under Chapter 11 of the federal bankruptcy code 16 months ago, after being ordered to pay a $205-million judgment to Hughes Tool Co. in a patent infringement suit.
BUSINESS
July 21, 1987
Smith International Inc.'s 10 largest creditors, according to its Chapter 11 bankruptcy filing: 1. Hughes Tool Co.*, $205 million. 2. First Fidelity Bank (N.J.), $77 million. 3. Chase Manhattan Bank, $58.3 million. 4. Security Pacific Bank, $27.4 million. 5. Midland Bank (London), $25.6 million. 6. Bank of America, $19.1 million. 7. Morgan Guaranty Trust (N.Y.), $15.1 million. 8. Amsterdam-Rotterdam Bank (London), $13.6 million. 9. Royal Bank of Scotland (London), $12.3 million, 10.
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