Flow control engineerting products maker Curtiss-Wright said yesterday that it has signed a deal to divest the legacy distribution business of its Valve Systems and Ccontrols (VSC) operation to McJunkin Red Man Corporation (MRC), a global distributor of pipe, valves, fittings and related products used in the energy and industrial markets, for an undisclosed sum.
The transaction is expected to close by the end of July.
Headquartered in Houston, Texas, MRC is the largest global distributor of PVF and related products and services to the energy and industrial sectors, based on sales, and supplies these products and services across each of the upstream, midstream and downstream markets
"We believe that the sale of this distribution business repositions it with a strategic owner while enabling Curtiss-Wright to focus on its core energy businesses," said Martin R. Benante, chairman and CEO of Curtiss-Wright Corporation.
Curtiss-Wright acquired VSC in 2007, which at the time had three business operations - one that provided an exclusive channel-to-market for the company's DeltaValve product line in North and South America; a second operation, Total Automation Solutions, that provided control systems for the DeltaValve product line; the legacy distribution business, whose expertise lies in managing large automated valve projects to the upstream oil and gas market.
The rights to the name "Valve Systems and Controls" is included in the sale and Curtiss-Wright Flow Control will retain all rights in its Total Automation Solutions and DeltaValve business segments, and continue to provide turnkey valve, automation and controls solutions for oil and gas production, refining, petrochemical and power markets.