MRC GLOBAL INC. (NYSE:MRC) Files An 8-K Regulation FD Disclosure
Item7.01
| Regulation FD Disclosure. |
MRC Global Inc. (the Company) issued a press release that its
U.S. operating subsidiary, MRC Global (US) Inc., has entered into
15-year leases with a unit of Liberty Property Trust to open a
new regional distribution center (RDC) in La Porte, Texas to
service the Houston, Texas and Gulf Coast area. A copy of the
press release is included as Exhibit 99.1. In connection with the
build out of the RDC and the purchase of related fixtures and
equipment for the RDC, the Company expects to increase its 2017
capital expenditures by approximately $12million to approximately
$47million. MRC Global expects the RDC to be operational in late
2017 and the adjacent offices to be ready in the third quarter of
2018. The Company expects to consolidate four facilities into the
new RDC. As part of the consolidation, the Company expects to
market an existing owned facility located in the Houston area and
exit leases related to the prior facilities.
The information referenced under Item 7.01 (including Exhibit99.1
referenced under Item9.01 below) of this Current Report on
Form8-K is being
furnished under Item7.01. Regulation FD Disclosure and, as such,
shall not be deemed to be filed for the purposes of Section18 of
the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section. The information set
forth in this Current Report on Form8-K (including Exhibit99.1
referenced under Item9.01 below) shall not be incorporated by
reference into any registration statement, report or other
document filed by MRC Global to the Securities Act of 1933, as
amended, except as shall be expressly set forth by specific
reference in such filing.
Forward-Looking
Statements
The above
information, as well as information contained in Exhibit99.1
referenced under Item9.01 below, contain forward-looking
statements within the meaning of Section27A of the Securities Act
and Section21E of the Exchange Act. Words such as expects, and
similar expressions, are intended to identify forward-looking
statements.
Statements about
the Companys expected capital spending for 2017 and the Companys
expectations on when the RDC will be operational and when
adjacent offices to the RDC will be ready are not guarantees of
future performance. These statements are based on managements
expectations that involve a number of business risks and
uncertainties, any of which could cause actual results to differ
materially from those expressed in or implied by the
forward-looking statements. These statements involve known and
unknown risks, uncertainties and other factors, most of which are
difficult to predict and many of which are beyond our control,
including the factors described in the companys SEC filings that
may cause our actual results and performance to be materially
different from any future results or performance expressed or
implied by these forward-looking statements.
These risks and
uncertainties include (among others) progress in the final
construction of the RDC facilities and offices; weather impacting
construction; the availability of material and workers to
complete the construction; the on-time delivery of equipment,
fixtures and furniture for the equipping of the RDC and the
offices; and the impact of the Companys business on the spending
of its capital expenditure budget, including (among other things)
spending in relation to the Companys operations and spending on
the conversion of part of Companys business to a new enterprise
resource planning system. All of these assumptions may be
impacted further by the general risks to the Companys business.
For a discussion of key risk factors, please see the risk factors
disclosed in the Companys SEC filings, which are available on the
SECs website at www.sec.gov and on the Companys website,
www.mrcglobal.com. Our filings and other important information
are also available on the Investor Relations page of our website
at www.mrcglobal.com.
Undue reliance
should not be placed on the companys forward-looking statements.
Although forward-looking statements reflect the companys good
faith beliefs, reliance should not be placed on forward-looking
statements because they involve known and unknown risks,
uncertainties and other factors, which may cause the Companys
actual results, performance or achievements or future events to
differ materially from anticipated future results, performance or
achievements or future events expressed or implied by such
forward-looking statements. The Company undertakes no obligation
to publicly update or revise any forward-looking statement,
whether as a result of new information, future events, changed
circumstances or otherwise, except to the extent required by
law.
| Item9.01 | Financial Statements and Exhibits. |
(c)
Exhibits
|
Exhibit Number |
Exhibit Description |
|
| 99.1 | Press release dated May18, 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 down -0.98 at 19.57 with 928,865 shares trading hands.