HOUSTON--(BUSINESS WIRE)--Jun. 30, 2015--
NOW Inc. (NYSE:DNOW) announced today that it has entered into an
agreement to purchase Odessa Pumps and Equipment, Inc. Terms of the
all-cash transaction, which remains subject to customary closing
conditions, including regulatory approval, were not disclosed.
Robert Workman, President and CEO of NOW Inc., commented, “The addition
of Odessa Pumps and Equipment not only offers DistributionNOW the
ability to expand our products and services offerings to our key energy
customers in areas where both firms currently operate, but also gives us
the opportunity to leverage Odessa Pumps’ business model, expertise and
manufacturer relationships within the extensive DNOW infrastructure not
currently serviced by Odessa Pumps to grow our customer participation
organically. In addition to the results we can deliver by working
together in the energy sector, both company’s downstream, industrial and
municipal businesses will benefit from the strengths of each firm.”
Founded in 1980, Odessa Pumps and Equipment is a leading distributor of
pumps and equipment for the Oil & Gas and Municipal and Wastewater
markets. The company manages a distribution business of approximately 13
sales and operations locations across Texas, New Mexico and Oklahoma.
Odessa employs approximately 300 employees.
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 300 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
DNOW L.P. 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
View source version on businesswire.com: http://www.businesswire.com/news/home/20150630005439/en/
Source: NOW Inc.
Michelle Lewis, 281-823-4719