MRC Global to acquire Hypteck in Norway
MRC Global entered into a definitive agreement to acquire privately held Metron Holding, the parent holding company of Hypteck. Headquartered in Skotselv, Norway, Hypteck is a Norwegian provider of instrumentation and process control products to the offshore, marine and onshore industries around the world, with a focus on the Norwegian Continental Shelf (NCS).
Established in 1903 as Clausen, Kaldager & Co, Hypteck is a leading provider of pressure, temperature, level and flow sensors and related transmitters and instrument systems. Hypteck's 2013 revenues were USD 38M. The acquisition is expected to close by the end of the second quarter. After closing, the company will operate as MRC HypTeck.
"Hypteck's operations complement our recent acquisition of MRC Teamtrade”, said Andrew Lane, MRC Global chairman, president and CEO. "The acquisition of Hypteck expands our supplier and customer base into the important measurement sensor business and enhances our instrument flow control distribution business in the NCS."
"We are very excited to join the MRC Global family and believe that our complementary product offering not only enhances the instrument business of MRC Teamtrade but can provide growth opportunities with customers of both companies through a wider range of available products and services”, said Steinar Haugerud, managing director of Hypteck.