AM Castle Completes Tube Supply Acquisition

OAK BROOK, Ill. (AP) â¿¿ Metal and plastics supplier A.M. Castle & Co. said Friday that it has completed its $165 million acquisition of Tube Supply Inc.

Tube Supply, a Houston supplier of tubes and bars for the oil and gas industry, generated revenue of $208 million for the 12-month period ended Oct. 31.

The acquired company will be led by Nick Jones, who is the current president of A.M. Castle's metals oil and gas subsidiary. Tube Supply's current management, including founders Paul Sorensen and Jerry Willeford, will remain with the company.

A.M. Castle shares rose 45 cents, or 5.6 percent, to $8.46 in morning trading.

Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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