Houston Business Journal reported that Houston based McJunkin Red Man Holding Corp. has signed an agreement to purchase the operations and assets of Australian company OneSteel Piping Systems for USD 67.7 million.

The transaction is expected to close in the first quarter of 2012.

McJunkin said in a statement that the acquisition will allow the company to further its expansion in key markets worldwide.

McJunkin is an international distributor of pipe, valve and fitting products for the energy and industrial sectors.

(Sourced from bizjournals.com)