MRC buys process control outfit

Sold: MRC buys Hypteck

New York-listed MRC Global has agreed to buy privately held Norwegian outfit Hypteck, a provider of instrumentation and process control products for the offshore and onshore oil and gas industries.

Houston-based MRC will buy Hypteck's holding company, Metron Holding, for an undisclosed sum.

Hypteck, which started in 1903 as Clausen, Kaldager & Co, supplies sensors of pressure, temperature, levels and flow and related transmitters and instrument systems.

It posted revenues of $38 million last year.

Once the deal closes, likely by the end of the second quarter, the company will operate as MRC HypTeck.

The latest purchase follows MRC's acquisition last year of Norwegian pipe, valve and fittings distributor Stream for about $250 million, including debt.

"Hypteck's operations complement our recent acquisition," said MRC chief executive Andrew Lane, adding that the deal will bolster its position in the Norwegian Continental Shelf. "The acquisition of Hypteck expands our supplier and customer base into the important measurement sensor business."

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