MRC GLOBAL INC. (NYSE:MRC) Files An 8-K Other EventsItem 8.01
Weatherford Canada Partnership (Weatherford) filed a suit in the Court of Queens Bench of Alberta, Judicial Bench of Edmonton (Action No. 060304628), against Europump Systems Inc. (Europump), three of Europumps part suppliers, Midfield Supply (Midfield) now known as MRC Global (Canada) ULC, the Canadian subsidiary of MRC Global Inc. (the Company), certain current and former employees of Midfield and other related entities, asserting a host of claims in connection with Midfields hiring of employees from Weatherford. Further details of this dispute are contained in Note 9 of the Notes to the Condensed Consolidated Financial Statements (Unaudited) of the Company contained in the Companys Quarterly Report on Form 10-Q for the quarter ended March 31, 2017.
Midfield and Europump and certain individual defendants and related entities settled the case. As part of the settlement, MRC Global (Canada) ULC agreed to pay CAD $8.125 million in exchange for a release from Weatherford and agreement to dismiss the case. The Company had originally reserved CAD $4.0 million associated with this lawsuit and, in connection with the settlement, will increase its reserve by CAD $4.125 million in the second quarter of 2017.
About MRC GLOBAL INC. (NYSE:MRC)
MRC Global Inc. is an industrial distributor of pipe, valves and fittings (PVF) and related products and services to the energy industry. The Company operates through three segments: the United States of America, Canada and International. It has branches in principal industrial, hydrocarbon producing and refining areas throughout the United States, Canada, Europe, Asia, Australasia, the Middle East and Kazakhstan. Its product types include valves, automation and instrumentation; carbon steel fittings and flanges and stainless steel and alloy pipe and fittings; line pipe, and oil country tubular goods (OCTG). Its valves, automation and instrumentation product offering includes ball, butterfly, gate, check, needle and plug valves, which are manufactured from cast steel, stainless/alloy steel, forged steel, carbon steel or cast and ductile iron. Its carbon steel fittings and flanges include carbon weld fittings, flanges and piping components used to connect piping and valve systems. MRC GLOBAL INC. (NYSE:MRC) Recent Trading Information
MRC GLOBAL INC. (NYSE:MRC) closed its last trading session up +0.20 at 15.49 with 1,897,840 shares trading hands.