MRC Global to Sell Canada Operations

Dow Jones

2024/12/16

By Colin Kellaher

MRC Global has struck a deal to sell its Canada operations to privately held Emco Corp., as the distributor of pipe, valves and fitting focuses on its core geographies and product offerings.

MRC didn't disclose terms of the deal, but the Houston company on Monday said it expects to record a $25 million pretax loss on discontinued operations in the fourth quarter.

MRC's Canada operations posted third-quarter sales of $26 million, a fraction of the company's overall sales of $797 million for the period. The company's Canada sales have been hurt by a decline in the production and transmission infrastructure sector.

MRC said it will use proceeds from the sale, slated to close in the first half of 2025, to reduce debt.

Write to Colin Kellaher at colin.kellaher@wsj.com

(END) Dow Jones Newswires

December 16, 2024 06:56 ET (11:56 GMT)

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