Northwest Pipe To Review Options For OCTG Operations; No Formal Decisions Made

(RTTNews) - Northwest Pipe Co (NWPX) announced that it is in the process of exploring strategic alternatives for its Oil Country Tubular Goods or OCTG business. Northwest Pipe said no formal decisions have been made and no agreements have been reached concerning the company's OCTG operations.

Northwest Pipe said it will assess strategic options for its OCTG operations, which could include potential acquisitions, divestitures and joint-ventures, including the addition of downstream processing capabilities.

The company has retained Raymond James & Associates, Inc. as financial advisor to assist in this initiative.

"The decision to evaluate options for our OCTG business follows comprehensive review of Company's strategy, asset base and future direction with our Board of Directors," said Scott Montross, Northwest Pipe President and CEO.

Furthermore, the company's long-term desire is to sharpen its focus on growing core Water Transmission business via organic initiatives like recent $12 million investment in Saginaw, Texas facility and through acquisitions.