Mike Miazga 0000-00-00 00:00:00
National Oilwell Varco price speculation Schlumberger Ltd. Recently announced it has entered into an agreement with National Oilwell Varco to sell its Wilson distribution business. Terms of the all-cash transaction, which remains subject to customary closing conditions, including regulatory approval, were not disclosed. However, a recent story on Bloomberg.com suggested the purchase price could have been as much as $800 million. Steel shipments drop slightly Via Metals Service Center Institute, U.S. service centers shipped 3,803.8 thousand tons of steel products in the month of March, which represents a 0.5% decrease from March 2011. Year-to-date steel shipments were 11,182.3 thousand tons, an increase of 7.2% from the same period in 2011. Steel product inventories were 8,869.3 thousand tons at the end of March, an increase of 10.6% over March 2011 and a decrease of 0.6% from February 2012. At the current shipping rate, this represents 2.3 months supply in inventory, an increase of 11.1% from a year ago. A total of 135.5 thousand tons of aluminum products were shipped by U.S. Service Centers in March, a decrease of 4.1% from the same month in 2011. Bonney Forge's Leone dies Bonney Forge Corp. Executive Vice President J. Rick Leone died recently in Atlanta. Leone was a 27-year veteran of Bonney Forge where he held several senior positions in a number of functional areas within the organization. "Rick served Bonney Forge with distinction in positions of increasing responsibility spanning nearly three decades," company representatives said in a statement. "He was a substantial contributor to the growth in the company from its humble beginnings to the world-class operation it is today. For many years at Bonney Forge we have spoken of the Bonney Family Spirit. Rick truly exemplified that in every aspect of his life. He was a special member of the Bonney Forge family who served as an industry leader, a mentor and a role model for many within the company. His legacy will live on in those he has prepared for the future. We mourn his passing and will miss his dedication, his expertise and the bond of friendship he had with each of our employees." MRC reveals public offering details MRC Global recently announced it sold 17,045,455 shares of common stock resulting in aggregate net proceeds of approximately $339.9 million after deducting underwriting discounts and estimating offering expenses. The company previously announced each share of common stock would be offered at $21 per share. A selling stockholder sold 5,681,818 shares. Underwriters had an option until May 11 to purchase up to 3,409,091 additional shares from the selling shareholder. MRC Global will not receive any proceeds from the sale of shares by the selling stockholder. MRC Global trades on the New York Stock Exchange under the ticker symbol MRC. New PVF publication launching PVF Outlook, a new publication sponsored by the American Supply Association, will debut in June. With a total circulation of 20,000, PVF Outlook will reach end users in the following fields: oil and gas extraction; chemical manufacturing; petroleum manufacturing; oil and gas field machinery equipment; and oil, gas, chemical and petroleum mechanical contractors. For advertising rates and further information on PVF Outlook, contact Supply House Times Integrated Media Specialist Scott Franz at FranzS@bnpmedia.com. Collins Pipe & Supply Acquires BurnsCascade East Windsor, Conn.-based Collins Pipe & Supply recently acquired the assets of Syracuse, N.Y.-based BurnsCascade Co., for an undisclosed amount. With the acquisition, Collins will expand its upstate New York product brand offering with the addition of Raychem, Anderson Greenwood Instrumentation and Kunkle Valve, primarily from Tyco Flow Control Group. Collins is purchasing more than 16,000 sq. ft. Of existing distribution space in the Syracuse area to house its new Syracuse headquarters - a move that will create seven new positions. Collins has tabbed David Pollock to oversee and direct the new BurnsCascade acquisition and its current Syracuse operation. Pollock started with BurnsCascade in 1972 and eventually became its president. He most recently was president of MBP Systems in Syracuse.
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