MRC Global Inc. to acquire production specialty services
Monday, Dec 03, 2012
HOUSTON, Nov. 30, 2012 /PRNewswire/ -- MRC Global Inc. (NYSE:MRC) announced today that the company's U.S. operating subsidiary, McJunkin Red Man Corporation, has signed an agreement to acquire the operating assets of Production Specialty Services, Inc. Headquartered in Midland, Texas and established in 1990, Production Specialty Services supplies pipe, valves and fittings as well as other MRO products to the oil and gas industry. Production Specialty Services operates 17 service locations, including one distribution center, in the Permian Basin and Eagle Ford shale regions of Texas and New Mexico.
The Permian Basin is the most active oil drilling and production region in the United States. Currently more than 425 rigs are operating within the region. With the acquisition of Production Specialty Services' 17 locations, MRC will have a service location network of 23 branches and one major distribution center supporting the Permian Basin energy infrastructure activity.
"This acquisition is part of MRC's continued commitment to support our customers' growth in a major oil producing region of the U.S.," Andrew R. Lane, MRC Chairman, President and CEO, said. "We are pleased to have Ronnie Crossland joining our regional management team and would like to welcome all of the Production Specialty Services employees to MRC."
"The MRC culture of customer service and integrity was a key factor in our decision to join with MRC," Ronnie Crossland, Production Specialty Services President, said. "We know this is the right fit for the future of our company and look forward to continuing to serve our customers with an expanded depth of products and services throughout the Permian and Eagle Ford as part of MRC."
Production Specialty Services has projected 2012 revenue of $127 million. The acquisition is subject to customary closing conditions, including the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976.
More About MRC Global Inc.
Headquartered in Houston, Texas, MRC, a Fortune 500 company, is the largest global distributor of pipe, valve, and fittings (PVF) and related products and services to the energy industry, based on sales, and supplies these products and services across each of the upstream, midstream and downstream sectors. More information about MRC can be found at www.mrcglobal.com.
SOURCE MRC Global Inc.
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