McJunkin in deal to buy OneSteel pipe unit

Dec 22, 2011 | 02:51 PM | Michael Cowden

Tags  McJunkin Red Man, Andrew Lane, OneSteel, Geoff Plummer, LiteSteel Technologies, steel, Michael Cowden

TORONTO — McJunkin Red Man Holding Corp. has signed a deal to acquire the piping systems business of OneSteel Ltd. for Australian $67 million ($67.9 million) in an effort to boost its presence in Australia and Asia.

Such an acquisition gives the Houston-based distributor of pipes, valves and fittings, and related products and services access to customers in Australia—especially those in the oil and gas sectors, as well as mining and mineral processing businesses—and provides them with a "one-stop solution" for pipe, valve and fitting needs, McJunkin chairman, president and chief executive officer Andrew Lane said in a statement.....

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