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The company was established in December 1908 [1] as Sharp-Hughes Tool Company when Howard R. Hughes Sr. patented a roller cutter bit that dramatically improved the rotary drilling process for oil drilling rigs.
ANSI B94.11M-1979 sets size standards for jobber-length straight-shank twist drill bits from 1/64 inch through 1 inch in 1/64 inch increments. For Morse taper -shank drill bits, the standard continues in 1/64 inch increments up to 1¾ inch, then 1/32 inch increments up to 2¼ inch, 1/16 inch increments up to 3 inches, 1/8 inch increments up to ...
Example (inch, fine): For 7 ⁄ 16-20 (same diameter as the previous example, but this time with 20 threads per inch, which is considered fine), 0.437 in × 0.90 = 0.393 in (i.e., if the threads are to be fine, then a slightly larger diameter drill bit should be used before tapping the hole for the screw).
A spade drill bit for metal is a two part bit with a tool holder and an insertable tip, called an insert. The inserts come in various sizes that range from 7 ⁄ 16 to 2.5 inches (11 to 64 mm). The tool holder usually has a coolant passage running through it. [13]
A few sizes are close enough to interchange for most purposes, such as 19 mm (close to 3 ⁄ 4 inch (19.05 mm)), 8 mm (close to 5 ⁄ 16 inch (7.94 mm)) and 4 mm (close to 5 ⁄ 32 inch (3.97 mm)). In reality, a wrench with a width across the flats of exactly 15 mm would fit too tightly to use on a bolt with a width across the flats of 15 mm.
A February 21, 2010 announcement said Schlumberger would acquire the company in an all-stock deal valued at $11.3 billion. The sale price of 45.84 per share was 37.5 percent higher than Smith's closing price on February 18, 2010. The deal was the biggest acquisition in Schlumberger history until their acquisition of Cameron International. [4] [5]