The now-combined company also provided an update on MRC’s integration, and ERP system migration that has seen major challenges since launched in November.
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It creates an industrial PVF supply powerhouse with an enterprise value of about $3 billion.
Industrial PFV distributor DNOW announced its future leadership team that will be in effect after its landmark deal with MRC Global closes.
Both energy sector supplies distributors saw little movement year-to-year, but strong results compared to 1Q of this year.
Valued at $1.5 billion, the deal is set to result in a PVF and industrial supplies distributor with a combined revenue of around $5.4 billion and more than 350 locations worldwide.
The company reported higher sequential sales in 1Q25 despite a year-over-year decline, with gains across all sectors.
A new partnership enables MRC to launch complete meter supply chain.
The company reported a decline in 2024 sales, but remains optimistic about a 2025 rebound, driven by growth in gas utilities, product pricing and new market opportunities.
The repurchase is expected to begin in the second quarter as part of the company’s strategy to return cash to shareholders.
Emco is a Canada-based plumbing, waterworks, industrial and HVAC products distributor.
The company also announced a new board chair, effective immediately.
The PVF distributor plans to repurchase its preferred stock for around $361 million, and shared its preliminary 3Q24 financial results.
The company's U.S. sales fell 7% year-over-year during 2Q.
MRC Global's U.S. subsidiary will be the primary provider of pipe, valves and fitting products and services to ExxonMobil in North America.
The distributor had a considerable 1Q sales improvement vs. 4Q23, while all business segments saw continued annual declines.
However, lower volume driven by deferred activity in the gas utilities sector didn't stop the company from modest full-year growth.
The company’s sales were $888 million for the third quarter of 2023, which was 2% higher than the second quarter of 2023.
Engine Capital reportedly said the PVF distributor could net $14 to $18 per share in a sale as a premium to its current stock price.
MRC Global will remain a supplier of Shell’s pipe, valves and fittings through 2028 under a global supply agreement.
