MRC Global (MRC) announced that its subsidiary, MRC Global ULC, has entered into a definitive agreement to sell its Canada operations to Emco Corporation. Rob Saltiel, MRC Global President & CEO stated, “This divestiture will reposition our strategic focus and future capital investment decisions on our core geographies and product offerings that provide the strongest growth and profit potential. The sale of our Canada business is expected to be accretive to our total company adjusted gross margins and adjusted EBITDA margins.” As a result of the expected sale, a pre-tax, non-cash loss on discontinued operations of approximately $25M is expected to be recorded in the fourth quarter of 2024. The sale is anticipated to close in the first half of 2025 following customary closing conditions and required Canadian regulatory approval. The company plans to use the proceeds for reduction of debt.
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