HOUSTON--(BUSINESS WIRE)--NOW Inc. (NYSE:DNOW) announced today that it has entered into an agreement to purchase Odessa Pumps and Equipment, Inc. Terms of the all-cash transaction, which remains subject to customary closing conditions, including regulatory approval, were not disclosed.
Robert Workman, President and CEO of NOW Inc., commented, “The addition of Odessa Pumps and Equipment not only offers DistributionNOW the ability to expand our products and services offerings to our key energy customers in areas where both firms currently operate, but also gives us the opportunity to leverage Odessa Pumps’ business model, expertise and manufacturer relationships within the extensive DNOW infrastructure not currently serviced by Odessa Pumps to grow our customer participation organically. In addition to the results we can deliver by working together in the energy sector, both company’s downstream, industrial and municipal businesses will benefit from the strengths of each firm.”
Founded in 1980, Odessa Pumps and Equipment is a leading distributor of pumps and equipment for the Oil & Gas and Municipal and Wastewater markets. The company manages a distribution business of approximately 13 sales and operations locations across Texas, New Mexico and Oklahoma. Odessa employs approximately 300 employees.
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 over 300 locations and approximately 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 DNOW L.P. 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.