DNOW to buy Whitco Supply

Texas-based tubular distributor DNOW has agreed to buy midstream supplier Whitco Supply.

DNOW agreed to purchase Louisiana-based Whitco in an all-cash transaction, the terms of which were not disclosed, DNOW said on Tuesday.

Whitco has eight locations and sells B7 studs, flanges, forged steel, gaskets, pipe, structural steel and weld fittings.

DNOW chief executive David Cherechinsky said the acquisition is part of the company's move to diversify its end-markets.

No timeline was given for the conclusion of the deal. For now, the companies will remain independent and operate separately, DNOW said.

By Rye Druzin