MRC Global to Acquire Hypteck in Norway

MRC Global Inc. announced Monday that it has entered into a definitive agreement to acquire privately held Metron Holding AS, the parent holding company of Hypteck AS. Headquartered in Skotselv, Norway, Hypteck is a Norwegian provider of instrumentation and process control products to the offshore, marine and onshore industries with a focus on the Norwegian Continental Shelf (NCS). The company also provides instrumentation and process control system solutions to capital offshore projects around the world.
Hypteck was established as Clausen, Kaldager & Co in 1903. After closing, the company will operate as MRC HypTeck.

"Hypteck's operations complement our recent acquisition of MRC Teamtrade AS, a subsidiary of our newly acquired company Stream in Norway," Andrew Lane, MRC Global Chairman, President and CEO, said.

Subject to review by the Norwegian Competition Authority and the satisfaction or waiver of normal and customary closing conditions, the acquisition is expected to close by the end of the second quarter. MRC Global expects to fund the acquisition of Metron through the use of MRC Global's existing asset-based revolving credit facility.