Edgen CEO and president Dan O'Leary, who will continue to lead Edgen's strategic growth initiatives, said the opportunity to align with Sumitomo will benefit both businesses, including Edgen's Edgen Murray and Bourland & Leverich commercial brands that can be sold to customers worldwide.
"Our focus on highly engineered and mission critical steel products and our extensive industry knowledge and expertise in increasingly complex applications used in oil and gas drilling, extraction, production and processing complement Sumitomo's existing business," he said.
Besides steel pipe and valves, Baton Rouge, La.-based Edgen distributes quenched and tempered and high yield plate and related components such as fittings, flanges and connectors. It had $2.059 billion in sales last year with 660 employees and operations in over 35 locations in 18 countries.
Edgen Murray distributes specialized steel products used in drilling and production in offshore environments, gathering, processing, fractionation, transportation and storage of oil and natural gas and refining and petrochemical applications.Bourland & Leverich is a U.S. oil country tubular goods distributor to conventional and unconventional oil and natural gas exploration companies, including the development of the shale industry. It has been in business since 1935. Tudor, Pickering, Holt & Co.'s David Cunningham, Lance Gilliland and and B.J. Walker and Norton Rose Fulbright LLP's P. Kevin Trautner, Martin Doublesin, Gabe Jones and Kasyn Stevenson are advising Sumitomo. Citigroup Global Markets Inc.'s Steve Trauber, Serge Tismen and Francis Tucci and Dechert LLP's Carmen Romano, Eric Siegel, Anthony Lagreca and Allyson Levy are assisting Edgen. -- -- Written by Claire Poole in Houston with assistance from David Marcus in New York
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV