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Headquarters: Houston, TX
2016 Revenues: $3 billion
Change in Sales from 2015: -32.8%
2016 Divestments: U.S. OCTG
Key Executives: Andrew Lane, president & CEO; James Braun, executive vice president & CFO
Weak commodity prices continued to put pressure on MRC Global's performance in 2016, even as the distributor of industrial pipes, valves and fittings took steps to reduce its exposure to the more volatile aspects of that market. The company divested its OCTG (oil country tubular goods) in early 2016; the division accounted for about $305 million in revenue in 2015. Including OCTG, the company reported a sales decline of $1.4 billion in 2016.
Amidst market and economic uncertainty during the year, MRC focused significant energy on streamlining operations and improving efficiencies throughout the organization. Global headcount was reduced by about 15 percent and service locations were cut by around 14 percent.
"We are seeing new opportunities as customers look to increase their spending in 2017 and restart their growth," wrote President and CEO Andrew Lane in his annual letter to shareholders. "Our hard work and focus have prepared us to take advantage of these opportunities like no other company in our sector. We are optimistic that the recovery is here and will continue to gain momentum."