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Edgen Murray Expands Valve and Actuation Offering with Acquisition of UK-Based HSP Group Limited
By: PR Newswire
Dec. 10, 2012 05:40 PM
LOS ANGELES, December 10, 2012 /PRNewswire/ --
Edgen Group Inc. (NYSE:EDG) through its subsidiary, Edgen Murray Europe Limited, a leading global distributor of specialty steel products for energy and infrastructure markets, has acquired UK-based HSP Group Limited (HSP) to enhance its valve and actuation offerings to customers around the world.
HSP sells valves and actuation products and services to customers in global oil and gas offshore, refining, petrochemical and power markets from locations in the United Kingdom, Qatar and the United States. HSP distributes ball, gate, globe and check valves through long-standing relationships with leading global manufacturers.
"HSP has a strong reputation for technical knowledge, responsiveness and attention to detail in the United Kingdom and the Middle East, whether customers require long-term project packages or immediate MRO (maintenance, repair and operations) supply," said Craig Kiefer, Edgen Murray's president. "The integration of the HSP business will allow us to better meet the needs of our shared and new customers in the energy sector across Europe, the Middle East and Caspian region."
Dan O'Leary, Edgen Group's chief executive officer added: "HSP is a company whose strategy complements our own - to create and sustain mutually beneficial relationships with oil and gas customers for specialised material supply. We expect the products, services, locations and expertise acquired in this transaction to have an immediate benefit to Edgen Group, both operationally and financially."
Effective today, HSP's chief executive officer Peter Everett and his staff have joined Edgen Murray. HSP's projected revenue for 2012 is approximately £23 million ($37 million USD). Financial details of the cash and stock acquisition were not disclosed.
About Edgen Murray
Edgen Murray, an Edgen Group company, is a leading global distributor of specialised products for worldwide energy and infrastructure markets. Edgen Murray delivers high performance pipe, plate, valves and related components to upstream, midstream, downstream, power, civil construction and mining customers from more than 35 global locations spanning the Americas, Europe, Middle East and Asia Pacific. Edgen Murray supports every step of a project's lifecycle and ensures all commercial needs, technical requirements and project schedules are met with precision, anywhere in the world. This is achieved through global scale, long-standing mill & manufacturing relationships, a focus on quality, strategically-located inventory and experienced staff. For more information, visit http://www.edgenmurray.com.
About Edgen Group
Edgen Group is a leading global distributor of specialised products and services to the energy sector and industrial infrastructure markets and operates through two commercial brands - Edgen Murray and Bourland & Leverich. Edgen Murray distributes high-performance steel products for oil & gas, infrastructure and mining applications including offshore rig construction, natural gas transmission and refining and petrochemical applications in all major global energy markets. Bourland & Leverich supplies specialised Oil Country Tubular Goods (OCTG) products to the upstream conventional and unconventional onshore drilling market in the United States. Edgen Group is headquartered in Baton Rouge, Louisiana. Additional information is available at http://www.edgengroup.com.
This press release contains forward-looking statements within the meaning of federal securities laws. All statements other than statements of historical fact are considered forward-looking statements including, without limitation, statements regarding the benefits of the HSP Group Limited acquisition, such as enhancement of offerings to customers, the ability to better meet the needs of customer, complementary to Edgen Group's strategy, and benefits to Edgen Group operationally and financially and HSP's projected revenue. These forward-looking statements involve a number of risks, uncertainties, assumptions and other factors that could affect future results and cause actual results and events to differ materially from historical and expected results and those expressed or implied in the forward-looking statements, including, but not limited to, that there can be no assurance that we will be successful in integrating HSP Group Limited with our own or in better achieving the needs of existing and new customers and improvement in financial and operational performance. Additionally, the company's expectations of the projected revenue for HSP Group Limited are only the company's expectations regarding this projection and the actual amount could differ materially and may not be indicative of future revenue. Whether HSP Group Limited is actually successful in achieving this projected revenue is dependent on a number of factors, including but not limited to, changes in oil and natural gas industry expenditure levels, which may result from changes in oil and natural gas prices, international general economic factors, among other factors. Our historical financial information, and the risks and other important factors that could affect the outcome of the events set forth in these statements and that could affect our operating results and financial condition, are contained in our filings with the Securities and Exchange Commission ("SEC"), including our prospectus filed with the SEC on April 27, 2012 and in our subsequent filings with the SEC made prior to or after the date hereof. We undertake no obligation to review or update any forward-looking statements to reflect events or circumstances occurring after the date of this press release. Readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements.
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