HOUSTON - MRC Global Inc. (NYSE: NYSE:MRC), a leading distributor of pipe, valves, fittings, and other infrastructure products, announced the appointment of Daniel Silvers to its Board of Directors, effective immediately.
Silvers, an experienced investor and board director, joins the Board's Compensation and Environmental, Social, Governance, and Enterprise Risk Committees as part of a cooperation agreement with shareholder Engine Capital, L.P.
Chairman Robert Wood welcomed Silvers, highlighting his financial and operational expertise, which is expected to contribute to the company's strategic execution and value creation. President and CEO Rob Saltiel noted MRC Global's robust balance sheet and expressed confidence in Silvers' ability to enhance the company's growth plans and shareholder value.
Arnaud Ajdler from Engine Capital commented on MRC Global's attractive market position and growth potential in energy transition markets, endorsing Silvers' financial acumen and capital allocation experience as beneficial to the Board.
Daniel Silvers brings a rich background in investment and management, having served as managing member of Matthews Lane Capital Partners LLC since 2015, and recently as Executive Chairman of Winventory, Inc. His previous roles include executive positions at Inspired Entertainment, Inc., and Leisure Acquisition Corp., as well as a Vice President at Fortress Investment Group LLC.
The cooperation agreement with Engine Capital, which includes customary standstill and voting provisions, will be disclosed in a Form 8-K filing with the U.S. Securities and Exchange Commission. MRC Global has engaged J.P. Morgan Securities LLC as its financial advisor and Akin Gump Strauss Hauer & Feld LLP as its legal advisor.
MRC Global, headquartered in Houston, operates a global network with over 214 locations and provides supply chain solutions, technical expertise, and a digital platform to a diverse customer base across various end markets. The company's quality assurance program encompasses over 300,000 SKUs from more than 8,500 suppliers.
This announcement is based on a press release statement from MRC Global.
InvestingPro Insights
In light of MRC Global Inc.'s strategic board appointment and the company's focus on growth and value creation, InvestingPro data and insights offer a snapshot of the company's financial health and market position. MRC Global's current market capitalization stands at approximately $1.07 billion, showcasing its significant presence in the industry. The company trades at a P/E ratio of 11.71, which, when compared to its near-term earnings growth, suggests that the stock could be trading at a low valuation.
An InvestingPro Tip highlights that MRC Global's stock price movements have been quite volatile, which may be of interest to investors looking for dynamic trading opportunities. Additionally, the company's liquid assets surpass its short-term obligations, indicating a strong liquidity position that could reassure stakeholders of the company's financial resilience.
From a performance standpoint, MRC Global has experienced a large price uptick over the last six months, with a 26.49% total return, and is trading near its 52-week high, at 97.66% of the peak price. These metrics underscore the company's robust market performance and may align with the confidence expressed by CEO Rob Saltiel in the company's growth plans.
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