McJunkin Red Man to buy Production Specialty Services
McJunkin Red Man Corporation signed an agreement to acquire Production Specialty Services Inc. of Midland, Texas.
Established in 1990, Production Specialty Services supplies pipe, valves and fittings as well as other MRO products to the oil and gas industry. Production Specialty Services operates 17 service locations, including one distribution center, in the Permian Basin and Eagle Ford shale regions of Texas and New Mexico.
The Permian Basin is the most active oil drilling and production region in the United States. Currently more than 425 rigs operate within the region. With the acquisition of Production Specialty Services' 17 locations, MRC will have a service location network of 23 branches and one major distribution center supporting the Permian Basin energy infrastructure activity.
"This acquisition is part of MRC's continued commitment to support our customers' growth in a major oil producing region of the U.S.," said Andrew R. Lane, MRC chairman, president and CEO. "We are pleased to have Ronnie Crossland joining our regional management team and would like to welcome all of the Production Specialty Services employees to MRC."
"The MRC culture of customer service and integrity was a key factor in our decision to join with MRC," said Crossland, Production Specialty Services president. "We know this is the right fit for the future of our company and look forward to continuing to serve our customers with an expanded depth of products and services throughout the Permian and Eagle Ford as part of MRC."
Production Specialty Services has projected 2012 revenue of $127 million.
INDUSTRIAL SUPPLY MAGAZINE
The May/June issue of Industrial Supply magazine features an in-depth cover story about GHX Industrial. Plus, we're featuring articles by contributing writers Dr. Bharani Nagarathnam and Frank Hurtte, as well as interviews with numerous product and distribution industry experts.
