A.M. Castle buys tube distributor for $165M

Nov 10, 2011 | 04:56 PM | Corinna Petry

Tags  A.M. Castle, Tube Supply, Michael Goldberg, Scott Stephens, oilfield, steel pipe, steel tube, steel bar Corinna Petry

CHICAGO — A.M. Castle & Co. has agreed to pay $165 million for Tube Supply Inc., a distributor of specialty tubular and bar products to the oil and gas industry.

"We will now have a complete oil and gas (service) platform, nearly tripling our presence in this market," Michael Goldberg, president and chief executive officer of the Oak Brook, Ill.-based metals processor and distributor, said Thursday in a conference call on the transaction.

"Tube Supply has a strong track record as a leading supplier of specialty mechanical tubing, bar and block," he said. "It will complement our existing business and further diversify our revenues and end markets."....

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