+44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT
+44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT
HOUSTON , Dec. 9, 2013 /PRNewswire/ -- MRC Global Inc. (NYSE: MRC) announced today that it has acquired Flangefitt Stainless Ltd. Flangefitt, headquartered in Warrington, England , with a location in Aberdeen, Scotland , is a leading pipe, flange and fitting (PFF) distributor to the oil and gas industry. Flangefitt's 2013 revenues are estimated to be approximately $28 million and it will be operated as "MRC Flangefitt".
Andrew Lane , MRC Global Chairman, President and Chief Executive Officer, commented, "The acquisition of Flangefitt's PFF business complements our existing U.K. based, MRC Transmark valve business as well as the recently announced acquisition of Stream Energy Piping in Norway . We now have the full range of pipe, valves and fittings (PVF) to serve the U.K. Continental Shelf (UKCS) as well as global projects with high-end alloy PFF requirements." Mr. Lane also noted, "We are very pleased to be adding Jim Nulty and Phil Oakes , the general managers of Flangefitt, to become part of our U.K. management team as well as Flangefitt's other 36 knowledgeable and skilled employees, who are joining the MRC Global team."
Jim Nulty , General Manager of MRC Flangefitt, commented, "We are very pleased to be joining the leader in PVF distribution to the oil and gas industry, and combining Flangefitt's broad PFF high alloy offering and our extensive range of services to MRC's global project capabilities, which further enhances our value proposition to our customers."
The company will host a conference call at 4:00 p.m. central time (5:00 p.m. eastern time ) on Monday, December 9, 2013 , regarding these acquisitions. To participate in the call, dial +1-480-629-9819, and ask for the MRC Global conference call. To access it live over the Internet, please log onto the web at http://www.mrcglobal.com and go to the "Investor Relations" page of the company's website at least fifteen minutes early to register, download and install any necessary audio software. For those who cannot listen to the live call, a replay will be available through December 23, 2013 and may be accessed by dialing +1-303-590-3030 and using pass code 4654960#. Also, an archive of the webcast will be available shortly after the call at http://www.mrcglobal.com for 90 days.
More about Flangefitt Stainless Ltd.
Founded in 1985, Flangefitt specializes in piping requirements in duplex, super duplex, 6% molybdenum, stainless steel and nickel alloys. In its two main facilities, Flangefitt maintains substantial stocks of European manufactured finished and semi-finished products from NORSOK approved manufacturers. NORSOK products are specially engineered and qualified for use in the harsh North Sea offshore environment. Flangefitt is a project-focused business for onshore and offshore oil and gas applications and specializes in quality systems, including testing of stock to the highest performance standards.
Headquartered in Houston, Texas , MRC Global, a Fortune 500 company, is the largest global distributor of pipe, valves, and fittings 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 Global can be found at www.mrcglobal.com.
This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Words such as "estimated" and similar expressions are intended to identify forward-looking statements.
The company's estimation of Flangefitt's 2013 revenue is only the company's expectation regarding this projection. Whether Flangefitt or the company are actually successful in achieving these projected revenues is dependent on a number of factors, including (among others) changes in oil and natural gas industry expenditure levels, which may result from changes in oil and natural gas prices or other factors; U.S. and international general economic conditions; the ability of Flangefitt or the company to compete successfully with other companies in its industry; risks that customers may not desire to continue to do business with Flangefitt given the announcement that the company has acquired Flangefitt; the risk that manufacturers of the products Flangefitt and the company distribute will sell a substantial amount of goods directly to end users; unexpected supply shortages or delays by suppliers; customer project delays; cost increases by suppliers; the lack of long-term contracts with most of the suppliers of Flangefitt and the company; suppliers' price reductions of products that Flangefitt or the company sells, which could reduce selling prices; decreases in steel prices, which could significantly lower sales prices; the lack of long-term contracts with many of the customers of Flangefitt and the company and their lack of contracts with customers that require minimum purchase volumes; changes in its customer and product mix; interruption in the proper functioning of the information systems of Flangefitt or the company; loss of third-party transportation providers; and risks related to adverse weather events or natural disasters.
Undue reliance should not be placed on the company's forward-looking statements. Although forward-looking statements reflect the company's good faith beliefs, reliance should not be placed on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, which may cause the company's actual results, performance or achievements or future events to differ materially from anticipated future results, performance or achievements or future events expressed or implied by such forward-looking statements. The company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changed circumstances or otherwise, except to the extent required by law.
Executive Vice President and Chief Financial Officer
+44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT