Industrial Equity (Pacific) Limited has purchased an...

Industrial Equity (Pacific) Limited has purchased an additional 275,000 shares in Newport Beach-based Smith International, increasing its share in the manufacturer of oil drilling equipment and production tools to nearly 19%. Industrial Equity, part of the financial empire of Ron Brierley, one of Australia’s largest financiers, has said in the past that it is acquiring Smith stock as an investment and has no plans to acquire control of the company. By purchasing the additional common stock between Oct. 21 and Oct. 30, Industrial Equity brought its investment in Smith up to 4.3 million shares, or 18.7%. Industrial Equity paid an estimated $2 million for the stock. “They (Industrial Equity) are the largest single shareholder in Smith,” said Loren Carroll, Smith’s chief financial officer. “I think they think it’s a very good investment. That’s what they’ve told us and is about as much as I know.”