HOUSTON--(BUSINESS WIRE)--DNOW Inc. (NYSE: DNOW) announced today it has entered into an agreement to acquire Whitco Supply, LLC in an all-cash transaction, subject to regulatory approvals and other customary closing conditions.
David Cherechinsky, President and CEO of DNOW, added, "The acquisition of Whitco Supply aligns with our strategic objectives to diversify end-markets and is the result of our patient, disciplined approach to capital allocation. This transaction enhances our earnings and free cash flow profile and strengthens our ability to increase shareholder value."
"Whitco Supply brings a talented team with extensive product expertise that will enable us to support an expanded set of customers in the midstream and other markets. We look forward to bringing together our two highly complementary businesses and creating greater opportunities for our customers, employees and suppliers."
At this time, both companies will remain independent and operate separately. Further information will be provided after the conclusion of the regulatory approval process and other customary closing conditions.
Founded in 2003 by the Dawes family, Whitco Supply provides energy products and solutions to the midstream market, as well as the broader energy sectors. Headquartered in Broussard, LA, Whitco Supply has approximately 230 employees across eight locations in the United States.
About DNOW
DNOW is a worldwide supplier of energy and industrial products and packaged, engineered process and production equipment with a legacy of 160 years. Headquartered in Houston, Texas, with approximately 2,475 employees and a network of locations worldwide, we offer a broad set of supply chain solutions combined with a suite of digital solutions branded as DigitalNOW® that provide customers world-class technology for digital commerce, data and information management. Our locations provide products and solutions to exploration and production companies, midstream transmission and storage companies, refineries, chemical companies, utilities, mining, municipal water, manufacturers, engineering and construction companies as well as companies operating in the decarbonization, energy transition and renewables end markets.
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 Inc. with the U.S. Securities and Exchange Commission, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
Contacts
Brad Wise
Vice President of Digital Strategy and Investor Relations
(281) 823-4006
