This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Edgen Murray Expands Valve And Actuation Offering With Acquisition Of UK-Based HSP Group Limited

Stocks in this article: EDG

LOS ANGELES, December 10, 2012 /PRNewswire/ --

  • Acquisition complements Edgen Murray's current service to global oil and gas customers by adding valve brands and actuation services with a focus on upstream, refining, petrochemical and power applications
  • Experienced valve staff and an established international footprint provide hubs for greater international outreach, particularly in the United Kingdom, Middle East and Caspian regions

Edgen Group Inc. (NYSE:EDG) through its subsidiary, Edgen Murray Europe Limited, a leading global distributor of specialty steel products for energy and infrastructure markets, has acquired UK-based HSP Group Limited (HSP)  to enhance its valve and actuation offerings to customers around the world.  

HSP sells valves and actuation products and services to customers in global oil and gas offshore, refining, petrochemical and power markets from locations in the United Kingdom, Qatar and the United States. HSP distributes ball, gate, globe and check valves through long-standing relationships with leading global manufacturers.    

"HSP has a strong reputation for technical knowledge, responsiveness and attention to detail in the United Kingdom and the Middle East, whether customers require long-term project packages or immediate MRO (maintenance, repair and operations) supply," said Craig Kiefer, Edgen Murray's president.  "The integration of the HSP business will allow us to better meet the needs of our shared and new customers in the energy sector across Europe, the Middle East and Caspian region."

Dan O'Leary, Edgen Group's chief executive officer added: "HSP is a company whose strategy complements our own - to create and sustain mutually beneficial relationships with oil and gas customers for specialised material supply. We expect the products, services, locations and expertise acquired in this transaction to have an immediate benefit to Edgen Group, both operationally and financially."

Effective today, HSP's chief executive officer Peter Everett and his staff have joined Edgen Murray. HSP's projected revenue for 2012 is approximately £23 million ( $37 million USD).  Financial details of the cash and stock acquisition were not disclosed.

About Edgen Murray

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs