Milwaukee-based Charter Manufacturing Co. Inc.’s Charter Dura Bar Inc. subsidiary has acquired the iron distribution business of Lokey Metals in Fort Worth.
Woodstock, Illinois-based Charter Dura-Bar announced the transaction Monday, saying it will give the company entrée into 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, according to a company news release.
Terms of the transaction were not disclosed.
“The Charter Dura‐Bar multi‐channel network is the foundation for our increased ability to serve the fluid power and oil and gas markets,” Pete Murray, Charter Dura-Bar president, said.
“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.”
Lokey will maintain its Houston facility and retain the employees there while it continues to provide stainless steel, carbon steel and aluminum bar products.
www.dura-barms.com/news/lokey-metals-fort-worth-tx-becomes-branch-of-dura-bar-metal-services.cfm