MRC Global (NYSE: MRC ) now officially has a new asset in its portfolio. The company announced it has finalized the acquisition of the operating assets of Flow Control Products. It describes the once privately held firm as "a leading provider of pneumatic, electric and electro-hydraulic valve automation packages and related field support to the Permian Basin energy industry, including production facilities, pipelines, and plant operations." According to MRC Global, the company posted $28 million in revenues last year.
MRC Global announced the purchase in mid-June. At that time, the company quoted CEO Andrew Lane as saying that the acquisition was "part of MRC's continued commitment to support our customers' growth in a major oil producing region of the U.S."
The terms of the deal have not been disclosed.