NOW Inc. (DNOW) said June 30 it entered into an agreement to purchase Odessa Pumps and Equipment Inc. Terms of the all-cash transaction weren't disclosed.
Odessa Pumps and Equipment, based in Odessa, Texas, is a leading distributor of pumps and equipment for the oil and gas and municipal and wastewater markets.
The company manages a distribution business of roughly 13 sales and operations locations across Texas, New Mexico and Oklahoma. Odessa was founded in 1980 and currently employs about 300 employees.
Now, based in Houston, is the spinoff of National Oilwell Varco Inc.'s (NOV) distribution business.
“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," said Robert Workman, president and CEO of NOW, in the release.
"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,” Workman added.
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