Dresser had sales of about $12 million in 2009
McJunkin Red Man Corporation (MRC) today announced the signing of a definitive agreement to acquire operations and assets from Dresser Oil Tools & Supply, as part of its strategic focus to increase its presence in the active shale basins across North America. The operations and assets to be purchased relate to the business of the sale and distribution of pipe, valves and fittings (PVF), oilfield production and drilling supplies and related products. These assets generated net sales of approximately $12 million in 2009. Other details of the transaction were not disclosed. The closing is expected to take place by the end of August.
To support oil and gas exploration and production, as well as the pipeline and transmission infrastructure, MRC plans to expand operations and inventory in active shales both organically and through acquisition, such as the purchase of operations and assets from Dresser Oil Tools & Supply within the Bakken Shale.
Dresser Oil Tools & Supply operates five branch locations in the region of Sidney, MT; Tioga, ND; Williston, ND; Stanley, ND and Mohall, ND, supplying PVF, oilfield and related products to the region since 1993. MRC is acquiring these five new branches to enhance its coverage in the Bakken Shale from its existing branch locations in Williston, ND and Belfield, ND.
Andrew Lane, MRC’s president, chief executive officer and chairman commented, “Following our acquisition of South Texas Supply in the Eagle Ford shale in May, we are pleased to add Dresser Oil Tools & Supply’s locations to our existing North Dakota branches servicing our customers in the active Bakken Shale. We are also pleased to have Dale Sundley, president of Dresser Oil Tools & Supply, join MRC as part of our region management group, and the employees of Dresser Oil Tools & Supply join the MRC team. MRC is committed to be the best provider of PVF products to support our customers’ plans in these major North America shales.”
Headquartered in Houston, Texas with corporate offices in Charleston, West Virginia and Tulsa, Oklahoma and operations centers in Calgary, Alberta, Canada and Bradford, United Kingdom, MRC is the largest global distributor of PVF and related products and services to the energy and industrial sectors, based on sales, and supplies these products and services across each of the upstream, midstream and downstream markets.
Showing posts with label wholesale distribution; WESCO International; Industrial Distribution Group; mergers and acquisitions. Show all posts
Showing posts with label wholesale distribution; WESCO International; Industrial Distribution Group; mergers and acquisitions. Show all posts
Wednesday, August 25, 2010
Monday, July 26, 2010
EC clears Schlumberger /Smith International merger
Smith International's businesses include MRO distributor Wilson
Schlumberger Ltd and Smith International, Inc. jointly announced today that the European Commission has cleared their proposed merger under the EC Merger Regulation without any conditions.
The closing of the proposed merger remains subject to clearance by the U.S. Department of Justice, approval by Smith stockholders, and the satisfaction or waiver of other closing conditions contained in the merger agreement between the companies. As previously announced, the 2010 annual meeting of stockholders of Smith is scheduled for August 24, 2010, at which meeting stockholders of Smith will consider and vote upon matters including the proposed adoption of the agreement and plan of merger between Smith and Schlumberger.
Schlumberger and Smith expect that the merger will close in the third quarter of this year. Until that time, Schlumberger and Smith will continue to operate as separate and independent companies and continue to serve their respective customers
Smith International is the parent company of Wilson, a distributor of pipe, valves, valve automation products, fittings, mill and tool supplies, safety products, and artificial lift systems to energy and industrial markets. Wilson has more than 250 locations across the United States and Canada and is expanding its business in Europe.
Schlumberger Ltd and Smith International, Inc. jointly announced today that the European Commission has cleared their proposed merger under the EC Merger Regulation without any conditions.
The closing of the proposed merger remains subject to clearance by the U.S. Department of Justice, approval by Smith stockholders, and the satisfaction or waiver of other closing conditions contained in the merger agreement between the companies. As previously announced, the 2010 annual meeting of stockholders of Smith is scheduled for August 24, 2010, at which meeting stockholders of Smith will consider and vote upon matters including the proposed adoption of the agreement and plan of merger between Smith and Schlumberger.
Schlumberger and Smith expect that the merger will close in the third quarter of this year. Until that time, Schlumberger and Smith will continue to operate as separate and independent companies and continue to serve their respective customers
Smith International is the parent company of Wilson, a distributor of pipe, valves, valve automation products, fittings, mill and tool supplies, safety products, and artificial lift systems to energy and industrial markets. Wilson has more than 250 locations across the United States and Canada and is expanding its business in Europe.
Tuesday, June 8, 2010
WESCO, IDG finalize deals
WESCO completes joint venture sale; IDG closes Alamo Iron Works acquisition
Two of the industry's largest players closed some big deals this week.
Pittsburgh-based electrical distributor WESCO International completed the sale of its interest in LADD Industries LLC to Deutsch Engineered Connecting Devices Inc., and MRO distributor Industrial Distribution Group finalized its purchase of San Antonio-based Alamo Iron Works.
WESCO was sole owner of LADD, which distributes electrical connectors and accessories, until the first quarter of 2008, when it entered the joint venture with Deutsch, retaining a 40% interest in the company. As part of the joint venture, Deutsch was entitled to purchase WESCO's 40% after January 1, 2010. Deutsch notified WESCO of its intent to purchase WESCO's share in April.
As part of the sales agreement, WESCO received $40 million plus repayment of a $15 million promissory note and accrued interest, the distributor said in a statement announcing the deal.
In the IDG/Alamo deal, IDG finalized its acquisition of 135-year-old Alamo Iron Works, which filed for Chapter 11 bankruptcy protection in April. Alamo is now a wholly owned subsidiary of IDG, which is owned by LKCM Capital Group in Fort Worth, Texas.
Two of the industry's largest players closed some big deals this week.
Pittsburgh-based electrical distributor WESCO International completed the sale of its interest in LADD Industries LLC to Deutsch Engineered Connecting Devices Inc., and MRO distributor Industrial Distribution Group finalized its purchase of San Antonio-based Alamo Iron Works.
WESCO was sole owner of LADD, which distributes electrical connectors and accessories, until the first quarter of 2008, when it entered the joint venture with Deutsch, retaining a 40% interest in the company. As part of the joint venture, Deutsch was entitled to purchase WESCO's 40% after January 1, 2010. Deutsch notified WESCO of its intent to purchase WESCO's share in April.
As part of the sales agreement, WESCO received $40 million plus repayment of a $15 million promissory note and accrued interest, the distributor said in a statement announcing the deal.
In the IDG/Alamo deal, IDG finalized its acquisition of 135-year-old Alamo Iron Works, which filed for Chapter 11 bankruptcy protection in April. Alamo is now a wholly owned subsidiary of IDG, which is owned by LKCM Capital Group in Fort Worth, Texas.
Subscribe to:
Posts (Atom)
