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Private company

MRC GLOBAL INC.

In its 2025 annual report the company says: “We are the leading global distributor of pipe, valves and fittings and other infrastructure products and services to diversified gas utility, energy and industrial end-markets. We offer approximately 200,000 SKUs, including an extensive array of PVF, oilfield supply, valve automation and modification, measurement, instrumentation and other general and specialty products from our global network of over 7,100 suppliers.”5 It is headquartered in Houston, United States.2

Last updated Oct 21, 2026.

Overview

  • IndustryWholesale-Industrial Machinery & Equipment2
  • HeadquartersHouston, United States2
  • Incorporated inDE3
  • Business addressFulbright Tower, 1301 Mckinney Street, Suite 2300, Houston, Tx 770103
  • Filer categoryLarge accelerated filer3
  • Legal formCorporation2
  • LEI529900TSBPOLCLI2L5822
  • StatusActive2
  • LEI statusLapsed (not renewed)2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 42549452

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We are the leading global distributor of pipe, valves and fittings ("PVF") and other infrastructure products and services to diversified gas utility, energy and industrial end-markets. We provide innovative supply chain solutions, technical product expertise and a robust digital platform to customers globally through our leading position across each of our diversified end-markets including the following sectors:5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

20.6%Gross margin6
4.5%Operating margin6
1.8%Net margin6
-7.8%Revenue growth, 20246
10.7%Return on equity6
0.74×Debt to equity6
$248.0MFree cash flow6

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue79¢$2.4B
  • Selling, general and admin16¢$485.0M
  • Other costs1¢$27.0M
  • Interest1¢$26.0M
  • Income tax1¢$27.0M
  • Profit2¢$55.0M

Out of $3.0B in revenue.6

Where each dollar of operating cash went, fiscal 2024

  • Capital spending10¢$28.0M
  • Kept or used elsewhere90¢$248.0M

Out of $276.0M of cash from operations.6

Financial statements

Revenue789106$3.0B in 2024−28% since 2018
0$2.0B$4.0B$6.0B2018: $4.2B$4.2B20182019: $3.7B$3.7B2019−12%2020: $2.6B$2.6B2020−30%2021: $2.7B$2.7B2021+4%2022: $3.2B$3.2B2022+20%2023: $3.3B$3.3B2023+2%2024: $3.0B$3.0B2024−8%
Gross profit789106$620.0M in 2024−10% since 2018
0$200.0M$400.0M$600.0M$800.0M2018: $689.0M$689.0M20182019: $653.0M$653.0M2019−5%2020: $431.0M$431.0M2020−34%2021: $417.0M$417.0M2021−3%2022: $584.0M$584.0M2022+40%2023: $670.0M$670.0M2023+15%2024: $620.0M$620.0M2024−7%
Operating income789106$135.0M in 2024+6% since 2018
-$400.0M-$200.0M0$200.0M2018: $127.0M$127.0M20182019: $103.0M$103.0M2019−19%2020: -$260.0M-$260.0M20202021: $7.0M$7.0M20212022: $135.0M$135.0M2022+1829%2023: $188.0M$188.0M2023+39%2024: $135.0M$135.0M2024−28%
Net income789106$55.0M in 2024−26% since 2018
-$300.0M-$200.0M-$100.0M0$100.0M$200.0M2018: $74.0M$74.0M20182019: $39.0M$39.0M2019−47%2020: -$274.0M-$274.0M20202021: -$14.0M-$14.0M2021−95%2022: $75.0M$75.0M20222023: $114.0M$114.0M2023+52%2024: $55.0M$55.0M2024−52%
Fiscal year2018201920202021202220232024
Revenue$4.2B7$3.7B8$2.6B9$2.7B10$3.2B6$3.3B6$3.0B6
Cost of revenue$3.5B7$3.0B8$2.1B9$2.2B10$2.6B6$2.6B6$2.4B6
Gross profit$689.0M7$653.0M8$431.0M9$417.0M10$584.0M6$670.0M6$620.0M6
Selling, general and admin$562.0M7$550.0M8$449.0M9$410.0M10$449.0M6$482.0M6$485.0M6
Operating income$127.0M7$103.0M8-$260.0M9$7.0M10$135.0M6$188.0M6$135.0M6
Interest$38.0M7$40.0M8$28.0M9$23.0M10$24.0M6$32.0M6$26.0M6
Income before tax-$14.0M10$105.0M6$154.0M6$105.0M6
Income tax$21.0M7$27.0M8-$9.0M9$010$35.0M6$39.0M6$27.0M6
Net income$74.0M7$39.0M8-$274.0M9-$14.0M10$75.0M6$114.0M6$55.0M6
Earnings per share$0.557$0.188-$3.639-$0.4610$0.616$1.076$0.316
Earnings per share (diluted)$0.547$0.188-$3.639-$0.4610$0.606$1.056$0.306
Shares (weighted, basic)82.5M shares1083.5M shares684.2M shares685.1M shares6
Shares (weighted, diluted)82.5M shares1084.9M shares685.5M shares686.6M shares6

Compare MRC GLOBAL INC. with another company

Corporate structure

MRC GLOBAL INC. is part of a group headed by DNOW Inc.. 64 entities, 22 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of MRC GLOBAL INC.

  • DNOW Inc. Houston, Texas
    • MRC GLOBAL INC. Houston, Texas, United States
      • 11. Subsidiary · United Kingdom
      • 12. Subsidiary · Australia
      • 13. Subsidiary · Belgium
      • 14. Subsidiary · Canada
      • 15. Subsidiary · United Kingdom
      • 17. Subsidiary · Kazakhstan
      • 18. Subsidiary · Finland
      • 19. Subsidiary · France
      • 20. Subsidiary · Germany
      • 21. Subsidiary · Italy
      • 22. Subsidiary · Oman
      • 26. Subsidiary · Netherlands
      • 27. Subsidiary · New Zealand
      • 28. Subsidiary · Norway
      • 29. Subsidiary · Saudi Arabia
      • 32. Subsidiary · Thailand
      • 33. Subsidiary · United Kingdom
      • 35. Subsidiary · Norway
      • 36. Subsidiary · Netherlands
      • 37. Subsidiary · United Kingdom
      • 38. Subsidiary · Netherlands
      • 39. Subsidiary · Indonesia
      • 40. Subsidiary · Jamaica
      • MRC GLOBAL (BELGIUM) Subsidiary · Antwerpen, Belgium
    • Distribution NOW FZE Subsidiary · United Arab Emirates
    • DNOW Canada ULC Subsidiary · Canada
    • Group KZ LLP Subsidiary · Kazakhstan
    • MacLean International Group (Australia) Pty. Ltd. Subsidiary · Australia
    • MacLean International Group (SGP) Pte. Ltd. Subsidiary · Singapore
    • MacLean International Group Limited Subsidiary · United Kingdom
    • McJunkin Red Man UK Ltd. Subsidiary · United Kingdom
    • MRC Global (Belgium) N.V. Subsidiary · Belgium
    • MRC Global (Finland) OY Subsidiary · Finland
    • MRC Global (France) SAS Subsidiary · France
    • MRC Global (Germany) GmbH Subsidiary · Germany
    • MRC Global (Italy) SRL Subsidiary · Italy
    • MRC Global (Netherlands) BV Subsidiary · Netherlands
    • MRC Global (New Zealand) Limited Subsidiary · New Zealand
    • MRC Global (Saudi Arabia) LLC (*2) Subsidiary · Saudi Arabia
    • MRC Global (Singapore) Ltd. Subsidiary · Singapore
    • MRC Global (UK) Limited Subsidiary · United Kingdom
    • MRC Global Australia Pty Ltd. Subsidiary · Australia
    • MRC Global Canada Holdings (UK) Limited Subsidiary · United Kingdom
    • MRC Global Middle East FZE Subsidiary · United Arab Emirates
    • MRC Global Middle East Trading LLC (*3) Subsidiary · United Arab Emirates
    • MRC Global Norway AS Subsidiary · Norway
    • MRC Stream AS Subsidiary · Norway
    • MRC Transmark Group BV Subsidiary · Netherlands
    • and 14 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What MRC GLOBAL INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Leasehold improvements$8.0M6 Dec 31, 2024$9.0M6 Dec 31, 2023−11.1%
Property and equipment, before depreciation$268.0M6 Dec 31, 2024$250.0M6 Dec 31, 2023+7.2%
Accumulated depreciation$179.0M6 Dec 31, 2024$173.0M6 Dec 31, 2023+3.5%
Property and equipment, net$89.0M6 Dec 31, 2024$77.0M6 Dec 31, 2023+15.6%
Finance-lease assets$8.0M6 Dec 31, 2024$06 Dec 31, 2023
Operating-lease assets (leased space)$170.0M6 Dec 31, 2024$196.0M6 Dec 31, 2023−13.3%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$264.0M6 Dec 31, 2024$264.0M6 Dec 31, 20230%
Intangible assets, net (excluding goodwill)$143.0M6 Dec 31, 2024$163.0M6 Dec 31, 2023−12.3%
Accumulated amortization-$334.0M6 Dec 31, 2024-$312.0M6 Dec 31, 2023−7.1%

Inventory

ItemLatestA year beforeChange
Inventory, total$415.0M6 Dec 31, 2024$511.0M6 Dec 31, 2023−18.8%
Finished goods$710.0M6 Dec 31, 2024$808.0M6 Dec 31, 2023−12.1%

Properties, in its own words

The Company operates a hub and spoke model that includes six distribution centers in the U.S., 78 service center locations, which have inventory and 11 valve engineering centers, which are housed in distribution or service centers. We own less than 3% of our service center locations as we primarily lease these facilities. All of our distribution centers are leased.

Outside the U.S. and excluding Canada, we operate through a network of 25 service center locations located throughout Europe, Asia, Australasia and the Middle East, and seven distribution centers in the United Kingdom, Norway, Singapore, the Netherlands, the United Arab Emirates and Australia. Fifteen valve engineering centers are housed within our distribution centers and service center locations. We own our Brussels location, and the remainder of our locations are leased.

The rest of Item 2

Our Company maintains its principal executive office at 1301 McKinney Street, Suite 2300, Houston, Texas, 77010 and also maintains corporate offices in Charleston, West Virginia and La Porte, Texas. These locations have corporate functions such as executive management, accounting, human resources, legal, marketing, supply chain management, business development and information technology.

Item 2 of the 10-K filed Mar 14, 2025.5

Leadership

Who has led MRC GLOBAL INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Andrew R. Lane2012–2021
  2. Robert J. Saltiel2021–now

Chair

  1. Andrew R. Lane2012–2016

President

  1. Andrew R. Lane2012–2021
  2. Robert J. Saltiel2021–now

Chief financial officer

  1. James E. Braun2012–2020

Chief operating officer

  1. James F. Underhill2012–2013
201520202025
Board members and other officers (39)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • 11. UK4
  • 12. Australia4
  • 13. Belgium4
  • 14. Canada4
  • 15. UK4
  • 17. Kazakhstan4
  • 18. Finland4
  • 19. France4
  • 20. Germany4
  • 21. Italy4
  • 22. Oman4
  • 26. Netherlands4
  • 27. New Zealand4
  • 28. Norway4
  • 29. Saudi Arabia4
  • 32. Thailand (inactive)4
  • 33. UK4
  • 35. Norway4
  • 36. Netherlands4
  • 37. UK4
  • 38. Netherlands4
  • 39. Indonesia (inactive)4
  • 40. Jamaica (inactive)4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • MCJUNKIN RED MAN HOLDING CORPAug 20, 2008 to Dec 22, 20113

Timeline

  1. Nov 6, 20258-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer57
  2. Nov 5, 20258-K Results of operations58
  3. Nov 4, 20258-K Other events59
  4. Oct 7, 20258-K Other events60
  5. Sep 9, 20258-K Shareholder vote61
  6. Aug 29, 20258-K Other events62
  7. Aug 6, 20258-K Results of operations63
  8. Jul 15, 20258-K Regulation FD disclosure64
  9. Jun 26, 20258-K Entered a material agreement; Executive or director change; Regulation FD disclosure65
  10. Jun 2, 20258-K Shareholder vote66
  11. May 20, 20258-K Regulation FD disclosure67
  12. May 7, 20258-K Regulation FD disclosure68
  13. Mar 17, 2021New chief executive Robert J. Saltiel becomes CEO15
  14. Apr 11, 2012New chief executive Andrew R. Lane becomes CEO16
  15. Nov 20, 2006Founded MRC GLOBAL INC. is founded2

Calendar

When it reported results

  1. Nov 5, 2025Reported quarterly or annual results58
  2. Aug 6, 2025Reported quarterly or annual results63
  3. May 6, 2025Reported quarterly or annual results69
  4. Mar 17, 2025Reported quarterly or annual results70
  5. Mar 14, 2025Reported quarterly or annual results71
  6. Nov 5, 2024Reported quarterly or annual results72
  7. Aug 6, 2024Reported quarterly or annual results73
  8. May 8, 2024Reported quarterly or annual results74

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

412 filings to the SEC since October 2021: 4 annual reports, 13 quarterly reports, 81 major events, 219 insider forms, 24 large holders, 71 other. The latest 20:

  1. Nov 21, 2025EFFECT EDGAR
  2. Nov 17, 202515-12G EDGAR
  3. Nov 14, 2025SCHEDULE 13G/A EDGAR
  4. Nov 7, 20254 EDGAR
  5. Nov 7, 20254 EDGAR
  6. Nov 7, 20254 EDGAR
  7. Nov 7, 20254 EDGAR
  8. Nov 7, 20254 EDGAR
  9. Nov 7, 20254 EDGAR
  10. Nov 7, 20254 EDGAR
  11. Nov 7, 20254 EDGAR
  12. Nov 7, 20254 EDGAR
  13. Nov 7, 20254 EDGAR
  14. Nov 7, 20254 EDGAR
  15. Nov 7, 20254 EDGAR
  16. Nov 7, 20254 EDGAR
  17. Nov 7, 20254 EDGAR
  18. Nov 7, 20254 EDGAR
  19. Nov 7, 20254 EDGAR
  20. Nov 7, 20254 EDGAR

The 412 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

12 open-market trades by officers, directors and large owners since October 2021: 1 buys and 11 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 23, 2024CHURAY DANIEL JSee RemarksSale16,975$12.93$219.5KForm 4
Aug 15, 2024ANTHONY LEONARD MDirectorSale40,000$12.47$498.8KForm 4
Aug 9, 2024Saltiel Robert J.President and CEOBuy20,000$12.03$240.6KForm 4
May 20, 2024Bates Grant RSee RemarksSale35,000$13.57$474.9KForm 4
May 17, 2024Bates Grant RSee RemarksSale4,698$13.76$64.6KForm 4
May 16, 2024Adams Deborah GDirectorSale12,500$13.80$172.5KForm 4
May 14, 2024ANTHONY LEONARD MDirectorSale40,000$13.78$551.2KForm 4
May 14, 2024McCarthy John PSee RemarksSale11,000$13.78$151.6KForm 4
May 14, 2024Long Rance CSVP - Sales & MarketingSale20,561$13.69$281.5KForm 4
May 13, 2024Youngblood KellySee RemarksSale157,484$13.60$2.1MForm 4
Mar 2, 2023Anderson GillianSee RemarksSale5,213$11.50$60.0KForm 4
Aug 22, 2022O'Neal MalcolmSVP - Human ResourcesSale3,125$9.61$30.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Robert J. SaltielJr.62$860.0K$6.0M83
2024Kelly Youngblood$530.0K$2.4M83
2024Daniel J. Churay$450.0K$1.6M83
2024Grant R. Bates$410.0K$1.2M83
2024Rance C. Long$378.0K$1.1M83
2024John P. McCarthy$357.0K$979.9K83
2023President and Chief Executive Officer$856.6K$6.7M83
2023Executive VicePresident and$527.1K$2.6M83
2023Senior VicePresident –$408.1K$1.3M83
2022President and Chief Executive Officer$825.0K$6.2M83
2022Chief Financial Officer$500.0K$2.3M83
2022Corporate Affairs, General Counsel &Corporate Secretary$425.0K$1.6M83
2022U.S. Operations &E-Commerce$380.0K$1.4M83
2022Marketing Strategy$345.0K$1.2M83

SEC filer profile

How MRC GLOBAL INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARMRC GLOBAL INC.1
  • CIK0001439095
  • Employer ID (EIN)20-59569935
  • Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)5084 Wholesale-Industrial Machinery & Equipment1
  • SEC reviewing officeOffice of Trade & Services, Division of Corporation Finance1
  • Business addressFulbright Tower, 1301 Mckinney Street, Suite 2300, Houston, TX 770101
  • Phone877.294.75741
  • Shares outstanding84,992,662 as of Oct 29, 202512
  • Public float$1.1B as of Jun 30, 20245
  • AuditorErnst & Young LLP, Houston, Texas PCAOB ID 42; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceAug 20, 20081
  • Filings1,369 in all: 4 (616), 8-K (301), SC 13G/A (52), 3 (50), 10-Q (44), 424B3 (39), 425 (27), SC 13G (27)1
    All 52 form types

    UPLOAD (20), DEFA14A (19), CORRESP (16), 10-K (14), 144 (13), 4/A (13), DEF 14A (13), SD (12), S-1/A (10), ARS (6), EFFECT (5), POSASR (5), S-3ASR (5), SC 13D/A (5), 424B4 (4), 424B7 (4), D (4), S-4/A (4), S-8 (4), S-8 POS (4), S-1 (3), SCHEDULE 13G/A (3), 10-K/A (2), 8-K/A (2), FWP (2), POS AM (2), SC 13D (2), 144/A (1), 15-12G (1), 25-NSE (1), 5 (1), 8-A12B (1), CERTNYS (1), DEFM14A (1), DFAN14A (1), NT 10-K (1), PRE 14A (1), PREC14A (1), PRER14A (1), RW (1), S-3 (1), S-3/A (1), S-4 (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 14, 2025
    Quarterly report (10-Q) Nov 5, 2025
    Proxy statement (DEF 14A) Apr 17, 2025
    Latest 8-K (8-K) Nov 6, 2025

Securities registered for trading

ClassSymbolExchange
Common StockMRCNew York Stock Exchange

From the cover page of the 10-K filed Mar 14, 2025 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks MRC GLOBAL INC. names in Item 1A of its 10-K filed Mar 14, 2025: 40 risks under these headings, as written.5

  • Risks Related to Our Business
  • Decreased capital and other expenditures in the industries that we serve can adversely impact our customers’ demand for our products and our revenue.
  • General economic conditions may adversely affect our business.
  • Geopolitical events may adversely affect our business
  • Volatile oil and gas prices affect demand for our products.
  • We may experience unexpected supply shortages.
  • The loss of third-party transportation providers, or conditions negatively affecting the transportation industry, could increase our costs or cause a disruption in our operations.
  • We may experience cost increases from suppliers and transportation providers, which we may be unable to pass on to our customers.
  • If steel prices rise, we may be unable to pass along the cost increases to our customers.
  • We do not have contracts with most of our suppliers. The loss of a significant supplier would require us to rely more heavily on our other existing suppliers or to develop relationships with new suppliers. Such a loss may have an adverse effect on our product and service offerings and our business.
  • Price reductions by suppliers of products that we sell could cause the value of our inventory to decline. Also, these price reductions could cause our customers to demand lower sales prices for these products, possibly decreasing our margins and profitability on sales to the extent that we purchased our inventory of these products at the higher prices prior to supplier price reductions.
  • A substantial decrease in the price of steel could significantly lower our gross profit or cash flow.
The other 29 risks
  • If tariffs, quotas and duties on imports into the U.S. of certain of the products that we sell are imposed, we could pay higher prices for the products that we sell; and conversely, if tariffs, quotas or duties are lifted, we could have too many of these products in inventory competing against less expensive imports. Dramatic changes in tariffs, quotas and duties could have an adverse effect on our business.
  • We may be adversely impacted by holding more inventory than can be sold in a commercial time frame.
  • A transition to alternative forms of energy could adversely impact our customers, result in lower sales and adversely impact our results and financial condition.
  • Adverse weather events or natural disasters could negatively affect our local economies or disrupt our operations.
  • We are subject to strict environmental, health and safety laws and regulations that may lead to significant liabilities and negatively impact the demand for our products.
  • Changes in our customer and product mix could cause our gross profit percentage to fluctuate.
  • Demand for the products we distribute could decrease if the manufacturers of those products were to sell a substantial amount of goods directly to end users in the sectors we serve.
  • Failure to operate our business in an efficient or optimized manner can adversely impact our business.
  • We may be unable to compete successfully with other companies in our industry.
  • We do not have long-term contracts or agreements with many of our customers. The contracts and agreements that we do have generally do not commit our customers to any minimum purchase volume. The loss of a significant customer may have a material adverse effect on us.
  • If we are unable to attract and retain our team members or if we lose our key personnel, we may be unable to effectively operate and manage our business or continue our growth.
  • Adverse health events, such as a pandemic, could adversely impact our business.
  • Interruptions in the proper functioning of our information systems could disrupt operations and cause increases in costs or decreases in revenue.
  • The occurrence of cyber incidents, or a deficiency in our cybersecurity, could negatively impact our business by causing a disruption to our operations, a compromise or corruption of our confidential information or damage to our Company’s image or reputation, all of which could negatively impact our financial results.
  • Customer credit risks could result in losses.
  • We may be unable to successfully execute or effectively integrate mergers and acquisitions.
  • We have a substantial amount of goodwill and other intangible assets recorded on our balance sheet, partly because of mergers and acquisitions. The amortization of acquired intangible assets will reduce our future reported earnings. Furthermore, if our goodwill or other intangible assets become impaired, we may be required to recognize non-cash charges that would reduce our income.
  • We face risks associated with conducting business in markets outside of North America.
  • Risks Related to Our Capital Structure
  • Our indebtedness may affect our ability to operate our business, and this could have a material adverse effect on us.
  • We are a holding company and depend upon our subsidiaries for our cash flow.
  • Changes in our credit profile may affect our relationship with our suppliers, which could have a material adverse effect on our liquidity.
  • We may need additional capital in the future, and it may not be available on acceptable terms, or at all.
  • Our business and operations could be negatively affected by shareholder activism, which could cause us to incur significant expenses, hinder execution of our business strategy and impact our share price.
  • Legal and Liability Risks
  • We may not have adequate insurance for potential liabilities, including liabilities arising from litigation.
  • Due to our position as a distributor, we are subject to personal injury, product liability and environmental claims involving allegedly defective products.
  • We are a defendant in asbestos-related lawsuits. Exposure to these and any future lawsuits could have a material adverse effect on us.
  • We are subject to U.S. and other anti-corruption laws, trade controls, economic sanctions, and similar laws and regulations, including those in the jurisdictions where we operate. Our failure to comply with these laws and regulations could subject us to civil, criminal and administrative penalties and harm our reputation.
  • We are exposed to risks relating to evaluations of controls required by Section 404 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), and we have identified a material weakness in the operating effectiveness of our internal control over financial reporting related to inventory that, if not remediated, could cause us to suffer a loss of confidence in our financial reporting, which could harm our business and result in a decline in the price of our common stock.
  • Compliance with and changes in laws and regulations in the countries in which we operate could have a significant financial impact and affect how and where we conduct our operations.

Legal proceedings

From time to time, we have been subject to various claims and involved in legal proceedings incidental to the nature of our businesses. We maintain insurance coverage to reduce financial risk associated with certain of these claims and proceedings. It is not possible to predict the outcome of these claims and proceedings. However, in our opinion, there are no pending legal proceedings that upon resolution are likely to have a material effect on our business, financial condition, results of operations or cash flows.

Also, from time to time, in the ordinary course of our business, our customers may claim that the products that we distribute are either defective or require repair or replacement under warranties that either we or the manufacturer may provide to the customer. These proceedings are, in the opinion of management, ordinary and routine matters incidental to our normal business. Our purchase orders with our suppliers generally require the manufacturer to indemnify us against any product liability claims, leaving the manufacturer ultimately responsible for these claims. In many cases, state, provincial or foreign law provides protection to distributors for these sorts of claims, shifting the responsibility to the manufacturer. In some cases, we could be required to repair or replace the products for the benefit of our customer and seek our recovery from the manufacturer for our expense. In the opinion of management, the ultimate disposition of these claims and proceedings are not expected to have a material adverse effect on our financial position, results of operations or cash flows.

The opening of Item 3, Legal Proceedings.5

Sources

The numbers on this page point here. Each one links to the record it came from.

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    SEC EDGAROther events
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    SEC EDGAROther events
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