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Marubeni-Itochu Acquires U.S. OCTG Distributor Sooner Inc.
09/09/2013 - Marubeni-Itochu Steel Inc. has reached an agreement with Oil States International Inc., that Marubeni-Itochu Tubulars America Inc., a subsidiary of MISI, will acquire 100% of Sooner Inc., a subsidiary of OIS, for approx. US$600 million.
Sooner Inc., headquartered in Houston, Texas, is one of the largest OCTG distributors in the U.S., providing a wide range of services for OCTG to various customers in the oil and gas industry, including multinational majors and independent producers, through six sales offices and five main logistic supply bases in the U.S.
The U.S. is the largest OCTG market, with 5.5 million tons of OCTG demand — approximately 40% of global consumption of 14 million tons. Through the acquisition of Sooner Inc., with a large customer base, strong mill sources and service network in the U.S., MISI will expand its OCTG business in the U.S., responding to growing demand — largely due to shale oil and gas development — and further enhance its capability as a TTM (Total Tubular Management) service provider through its global network.
Sooner is headquartered in Houston, Texas, employs about 230 people, and had sales of approximately US$1.8 billion in 2012. Established in 1937 and acquired by OIS in 2001, Sooner is currently run by president John Shoaff.
