Posted August 25, 2010
McJunkin Red Man buys Dresser Oil Tools & Supply
McJunkin Red Man Corporation signed a definitive agreement to acquire Dresser Oil Tools & Supply.
Dresser, which operates five branches in Montana and North Dakota, generated net sales of approximately $12 million in 2009. 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," according to a company press release.
Dresser Oil Tools & Supply has supplied PVF, oilfield and related products to the region since 1993. It has branch locations in Sidney, Mont., and in Tioga, Williston, Stanley and Mohall, N.D.
McJunkin Red Man currently operates branch locations in Williston, N.D. and Belfield, N.D.
"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," said Andrew Lane, president, chief executive officer and chairman. "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."
