Woodstock, Illinois-based Charter Dura-Bar Inc. announced the transaction Monday and believes it will improve the company’s ability to serve the oil and gas and fluid power markets.
Charter Dura-Bar will continue using the Lokey Metals brand name and will operate the Fort Worth facility as its fourth Dura-Bar Metal Services branch. The sellers will retain the Lokey Metals Houston facility to provide stainless steel, carbon steel and aluminum bar products.
Other terms of the transaction were not disclosed.
“This strategic acquisition allows us to strengthen our product development initiatives and specification relationships with original equipment manufacturers while continuing to grow the Dura‐Bar business in the heart of the American oilfield services industry and in the American Southwest,” said Pete Murray, Charter Dura-Bar president.
“Our goal is to extend our market leadership in the production, technology and application of continuous cast iron bar stock, and the acquisition of Lokey Metals provides us with a superior distribution network and greater technical support capabilities,” Murray added.