HOUSTON--(BUSINESS WIRE)--Aug. 4, 2015--
NOW Inc. (NYSE:DNOW) announced today that it has entered into an
agreement to purchase the business of Challenger Industries, Inc. Terms
of the all-cash transaction, which remains subject to customary closing
conditions, including regulatory approval, were not disclosed.
Challenger Industries, Inc. is a leading pipe, valves and fittings
supplier for the downstream, midstream and upstream energy markets. The
company manages a distribution business of approximately 11 sales and
operations locations across the United States and employs approximately
Robert Workman, President and CEO of NOW Inc., remarked, “With a
majority of their revenues tied to the provision of pipe, valves,
fittings and flanges to downstream and midstream customers across
several areas of the US, the Challenger Industries acquisition will
expand our capabilities in those markets in addition to strengthening
our ability to service upstream customers in the Rockies. We look
forward to welcoming the Challenger employees to our team.”
NOW Inc. is one of the largest distributors to energy and industrial
markets on a worldwide basis, with a legacy of over 150 years. NOW
operates primarily under the DistributionNOW and Wilson Export brands.
Through its network of over 330 locations and approximately 5,000
employees worldwide, NOW offers a comprehensive line of products and
solutions for the upstream, midstream and downstream energy and
industrial sectors. NOW's locations provide products and solutions to
exploration and production companies, energy transportation companies,
refineries, chemical companies, utilities, manufacturers and engineering
and construction companies.
Statements made in this press release that are forward-looking in nature
are intended to be "forward-looking statements" within the meaning of
Section 21E of the Securities Exchange Act of 1934 and may involve risks
and uncertainties. These statements may differ materially from actual
future events or results. Readers are referred to documents filed by NOW
Inc. with the Securities and Exchange Commission, including the Form
10-K, which identify significant risk factors which could cause actual
results to differ from those contained in the forward-looking statements.
View source version on businesswire.com: http://www.businesswire.com/news/home/20150804005103/en/
Source: NOW Inc.
Michelle Lewis, 713-469-1534