Economy
Oil States Sells Tubular Business to Marubeni-Itochu Steel
Written by Sandy Williams
September 10, 2013
Sooner Inc., the largest U.S. distributor of pipes for oil and gas, has been purchased by Tokyo-based Marubeni-Itochu Steel Inc. for $600 million in cash. MISI subsidiary Marubeni-Itochu Tubulars America, Inc., will gain a 100 percent of share of Sooner Inc. The two companies are both based in Houston.
“We are pleased to complete this transaction, which allows us to invest further in our accommodations, well site services and offshore products segments while at the same time accelerating the return of capital to shareholders,” said Cindy B. Taylor, president and CEO of Oil States.
In connection with the sale of Sooner, Oil States has increased the share repurchase program from $200 million to $500 million until September 1, 2014. The Company currently has 55.2 million shares of common stock outstanding.
Sooner Inc. reported sales of $1.8 billion in 2012.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
ISM: Manufacturing growth remained down in August
US manufacturing activity remained muted in August despite a marginal gain from July's recent low, according to supply executives contributing to the Institute for Supply Management (ISM)’s latest report.
Steel Summit: Dr. Basu blames tariffs for riskier path ahead
Steel executives packed the main conference hall of the 2025 SMU Steel Summit on Tuesday, Aug. 26, to hear economist Dr. Anirban Basu lay out his blunt view of tariffs, inflation, and demand.
Steel Summit: Schneider sees SDI ‘on the edge of a very good run’
Steel Dynamics Inc. (SDI) President and Chief Operating Officer, Barry Schneider, remains bullish about the Fort Wayne, Ind.-based steelmaker’s position in the current market.
US housing starts gain momentum in July
US housing starts rose in July both month-on-month and year-on-year, according to figures from the US Census Bureau.
Manufacturing in New York state improves again in August
Business activity in New York state improved modestly in August. It was just the second positive reading for the general business conditions index in six months.