A. M. Castle (CAS) Announces Acquisition of Tube Supply, Inc. for $165 Million
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A. M. Castle & Co. (NYSE: CAS)announced today that it has completed the acquisition of Houston, TX – based Tube Supply, Inc., a leading value-added distributor of specialty tubular and bar products for the oil and gas industry. Tube Supply has provided high quality products and services primarily to the North American oilfield equipment manufacturing industry for the past 25 years. The purchase price was $165 million.
Tube Supply was founded in 1986 by Paul Sorensen and Jerry Willeford, who with the rest of the management team will remain in place. Both Tube Supply and Castle Metals Oil & Gas businesses will be led by Nick Jones, current President of Castle Metals Oil & Gas Commercial Unit. Tube Supply has provided high quality products and services primarily to the North American oilfield equipment manufacturing industry for the past 25 years. Today, Tube Supply has the reputation of being a world-class provider of a broad range of oilfield quality metals with a specific focus on the equipment and tools used in downhole completion and wellhead applications. Tube Supply had unaudited revenues of approximately $208 million for the twelve-month period ended October 31, 2011. Tube Supply operates service centers in Houston, Texas and Edmonton, Alberta and has recently completed construction of a new, 250,000 square foot facility located at its Houston headquarters.
Tube Supply was founded in 1986 by Paul Sorensen and Jerry Willeford, who with the rest of the management team will remain in place. Both Tube Supply and Castle Metals Oil & Gas businesses will be led by Nick Jones, current President of Castle Metals Oil & Gas Commercial Unit. Tube Supply has provided high quality products and services primarily to the North American oilfield equipment manufacturing industry for the past 25 years. Today, Tube Supply has the reputation of being a world-class provider of a broad range of oilfield quality metals with a specific focus on the equipment and tools used in downhole completion and wellhead applications. Tube Supply had unaudited revenues of approximately $208 million for the twelve-month period ended October 31, 2011. Tube Supply operates service centers in Houston, Texas and Edmonton, Alberta and has recently completed construction of a new, 250,000 square foot facility located at its Houston headquarters.
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