HOUSTON--(BUSINESS WIRE)--Jun. 1, 2016--
NOW Inc. (NYSE:DNOW) announced today the closing of its previously
announced acquisition of Power Service, Inc., Industrial Tool & Repair,
Inc., d/b/a/ Power Service of Montana and Power Transportation LLC
(collectively, “Power Service”).
Power Service has served the energy and industrial markets in the
Western U.S. since 1954. They are known as a premier one-stop shop for
modularized well hook-ups. Power Service has a full team of engineers
and draftsmen that design, fabricate and deliver a complete solution of
pumps, pipe, valves, fittings, electronic controls, heater treaters, oil
- water separators, gas dehydrators, LACT units, meter runs, and
produced water injection packages to their customers. Tony Cercy, who
has owned and led Power Service for the last 11 years, but has been with
the organization for 33 years, has agreed to join DistributionNOW in his
current role, which will be expanded to include existing DNOW businesses
that provide these engineered, packaged solutions.
“We are pleased Power Service is joining DistributionNOW,” said Tony
Cercy. “Our customers and sales team will benefit from DNOW’s extensive
network of locations, both in the US and abroad, and strong Pipe, Valve,
and Fitting (PVF) and MRO supplier relationships. We are very excited to
begin leveraging these supplier relationships to improve our
performance, and to grow our existing business through DNOW’s expansive
infrastructure, which includes their recent acquisition of Odessa Pumps.
Customers have already started reaching out to us as they are excited
about Power Service joining the DNOW organization and the resulting
geographic expansion of our capabilities.”
Robert Workman, President and CEO of NOW Inc. noted, “We are happy to
welcome the Power Service employees to the DistributionNOW family. We
believe Power Service’s established position in the Oil & Gas tank
battery solutions market will positively impact our operator customers
by enabling them to expedite revenue generation by reducing the time to
complete a tank battery and get oil and gas into the pipeline, and
saving our customers time and expense related to well hookup
decommissioning. We are excited about the many new packaged products and
solutions DNOW will be able to offer our customers, including the
expansion of product lines for our Odessa Pumps business and growing our
valve actuation solutions offering. This combination will greatly
benefit our customers, Power Service, and the DistributionNOW
organization as a whole.”
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 4,800
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/20160601006671/en/
Source: NOW Inc.
NOW Inc.
Michelle Lewis, 281-823-4719
Michelle.Lewis@DNOW.com
