DNOW completes acquisition of Whitco Supply
Investing.com | Editor Emilio Ghigini
Published Mar 12, 2024 06:56AM ET
HOUSTON - DNOW Inc. (NYSE: DNOW), a global supplier of energy and industrial solutions, announced the completion of its acquisition of Whitco Supply, LLC, a provider of energy products to the midstream market. The all-cash transaction, which followed the necessary regulatory approvals and customary closing conditions, is expected to enhance DNOW’s presence in its core markets and contribute to its earnings and free cash flow.
David Cherechinsky, President and CEO of DNOW, expressed confidence in the strategic move, stating that the acquisition is aligned with the company's growth strategy and commitment to increasing shareholder value. He emphasized that Whitco Supply's expertise and market position would strengthen DNOW's financial returns and help to expand its market share, particularly in the midstream end market.
Whitco Supply, founded in 2003 and based in Broussard, LA, employs approximately 230 people across eight locations in the United States. The company has been serving the broader energy sectors with its products and solutions, which will now be integrated into DNOW's extensive network.
DNOW, with a history spanning over 160 years, operates worldwide, offering a wide range of supply chain solutions and digital offerings under the brand DigitalNOW®. The company employs around 2,700 people and serves various sectors, including exploration and production, midstream transmission and storage, refineries, and renewable energy markets.
The acquisition is part of DNOW’s broader strategy to enhance its service offerings and market position through strategic capital deployment. This announcement is based on a press release statement and includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which are subject to risks and uncertainties that could cause actual results to differ materially.
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