NOW Inc. Completes Challenger Industries Acquisition
By Business Wire News
By Business Wire News
NOW Inc. (NYSE:DNOW) announced today the closing of its previously announced acquisition of the business of Challenger Industries, Inc. Challenger Industries, Inc. is a leading pipe, valves and fittings supplier for the downstream, midstream and upstream energy markets.
Robert Workman, President and CEO of NOW Inc., stated, “We are happy to welcome Challenger’s employees to the DistributionNOW family and pleased that this acquisition will further enhance our services and product offering to our downstream, midstream and upstream customers. As mentioned on the earnings call earlier this week, we plan to focus on larger, accretive targets,in the strategic product lines and geographies where we operate, which will strengthen our ability to better serve our customers, and create value for our stockholders.”
NOW Inc. is one of the largest distributors to energy and industrial markets on a worldwide basis, with a legacy of over 150 years. NOW operates primarily under the DistributionNOW and Wilson Export brands. Through its network of approximately 300 locations and 5,000 employees worldwide, NOW offers a comprehensive line of products and solutions for the upstream, midstream and downstream energy and industrial sectors. NOW’s locations provide products and solutions to exploration and production companies, energy transportation companies, refineries, chemical companies, utilities, manufacturers and engineering and construction companies.
Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by NOW Inc. with the Securities and Exchange Commission, including the Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
Michelle Lewis, 713-469-1534