US-based Northwest Pipe Company has announced that it has sold all of its oil country tubular goods (OCTG) assets to Centric Pipe, LLC, an affiliate of Dallas-based OCTG supplier SB International, Inc., for $42.7 million. Northwest Pipe will retain ownership of, and lease to Centric Pipe its Houston, Texas real property. Centric Pipe will have the option to purchase the Houston real property at a later date.
"This divestiture will enable us to increase our focus on growing our core Water Transmission business, while placing these assets in the hands of an experienced OCTG company with global relationships. This announcement in no way affects the company's commitment to and continued investment in our Atchison, Kansas line pipe facility which is on schedule to complete a major expansion project." said Scott Montross, Northwest Pipe president and CEO.