HOUSTON, May 27, 2014 /PRNewswire/ -- MRC Global Inc.
(NYSE: MRC) announced today that it has entered into a definitive
agreement to acquire privately held Metron Holding AS, the parent
holding company of Hypteck AS. Headquartered in Skotselv,
Norway, Hypteck is a Norwegian
provider of instrumentation and process control products to the
offshore, marine and onshore industries with a focus on the
Norwegian Continental Shelf (NCS). The company also provides
instrumentation and process control system solutions to capital
offshore projects around the world.
Hypteck was established as Clausen, Kaldager & Co in
1903. The company is a leading provider of pressure,
temperature, level and flow sensors and related transmitters and
instrument systems. Hypteck's 2013 revenues were $38 million. After closing, the company
will operate as MRC HypTeck.
"Hypteck's operations complement our recent acquisition of MRC
Teamtrade AS, a subsidiary of our newly acquired company Stream in
Norway," Andrew Lane, MRC Global Chairman, President and
CEO, said. "The acquisition of Hypteck expands our supplier and
customer base into the important measurement sensor business and
enhances our instrument flow control distribution business in the
NCS. Combining the strengths of MRC Teamtrade and MRC HypTeck with
the teams of engineers, metallurgists and skilled technicians from
MRC Solberg & Andersen and MRC Energy Piping in Norway creates the most complete offering of
instrumentation, control valve, valve, valve automation and high
alloy and carbon piping products in the Norwegian Continental
Shelf."
"We are very excited to join the MRC Global family and believe
that our complementary product offering not only enhances the
instrument business of MRC Teamtrade but can provide growth
opportunities with customers of both companies through a wider
range of available products and services," Steinar Haugerud, Managing Director of Hypteck,
said.
"This acquisition is in line with our strategic focus on valve,
actuation and instrumentation solutions as well as our commitment
to grow our offshore capabilities," Mr. Lane said. "I am proud to
welcome Steinar Haugerud and his
team of 68 skilled employees to MRC Global."
Subject to review by the Norwegian Competition Authority and the
satisfaction or waiver of normal and customary closing conditions,
the acquisition is expected to close by the end of the second
quarter. MRC Global expects to fund the acquisition of Metron
through the use of MRC Global's existing asset-based revolving
credit facility.
About MRC Global Inc.
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.
Contact:
Monica
Schafer
Vice President Investor
Relations
MRC Global
Inc.
Monica.Schafer@mrcglobal.com
832-308-2847
SOURCE MRC Global Inc.