HOUSTON--(BUSINESS WIRE)--Nov. 5, 2015--
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
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20151105005112/en/
Source: NOW Inc.
Michelle Lewis, 713-469-1534