Yahoo Finance DNOW Completes Acquisition of Whitco Supply
HOUSTON, March 12, 2024--(BUSINESS WIRE)--DNOW Inc. (NYSE: DNOW) announced today it has completed its all-cash acquisition of Whitco Supply, LLC, after the conclusion of the regulatory approval process and other customary closing conditions.
The acquisition of Whitco Supply enhances DNOW's capabilities and position in the midstream, E&P and targeted adjacent markets that have been core to the company’s growth strategy, while increasing the company’s earnings and free cash flow capacity. The deployment of capital strategically aligns with and reinforces the company’s commitment to increase long-term value for our shareholders and stakeholders.
"I’m proud that we continue to use our strong free cash flow to acquire accretive businesses that strengthen DNOW’s financial returns for our shareholders," said David Cherechinsky, President and CEO of DNOW. "Whitco Supply brings a talented team with extensive product application expertise that will enable us to gain market share and expand our position in the midstream end market. We are excited to welcome Whitco Supply to the DNOW family and look forward to bringing together our two highly complementary businesses."
About Whitco Supply
Founded in 2003 by the Dawes family, Whitco Supply provides energy products and solutions to the midstream market, as well as the broader energy sectors. Headquartered in Broussard, LA, Whitco Supply has approximately 230 employees across eight locations in the United States.
About DNOW
DNOW is a worldwide supplier of energy and industrial products and packaged, engineered process and production equipment with a legacy of over 160 years. Headquartered in Houston, Texas, with approximately 2,700 employees and a network of locations worldwide, we offer a broad set of supply chain solutions combined with a suite of digital offerings branded as DigitalNOW® that provide customers world-class technology for digital commerce, data and information management. Our locations provide products and solutions to exploration and production, midstream transmission and storage companies, refineries, chemical companies, utilities, mining, municipal water, manufacturers, engineering and construction as well as companies operating in the decarbonization, energy transition and renewables end markets.
Statements made in this press release that are forward-looking in nature are intended to be "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from actual future events or results. Readers are referred to documents filed by DNOW Inc. with the U.S. Securities and Exchange Commission, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.
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Contacts
Brad Wise
Vice President of Digital Strategy and Investor Relations
(281) 823-4006
