WOODSTOCK – Iron bar maker Charter Dura-Bar, one of McHenry County’s largest employers, announced Monday that it has acquired the Fort Worth, Texas-based Lokey Metals as it eyes stronger connections to the oil and gas and hydraulics and pneumatics industries.
The iron distribution business of Lokey Metals becomes the fourth branch of Dura-Bar Metal Services. Terms of the deal were not disclosed. Lokey Metals has about a dozen employees and is a major player in the oil and gas world, a company spokesperson said.
“Lokey Metals has earned a great reputation for deep knowledge and excellent customer service in the oil and gas industry, and Charter Dura-Bar is excited about adding the dedicated and experienced team of Lokey Metals Fort Worth employees,” Charter Dura-Bar President Pete Murray said in a statement. “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.”
As part of the acquisition, Charter Dura-Bar will maintain the Lokey Metals brand name and continue to operate the Fort Worth facility. The sellers – who were not named in the announcement – will maintain their Houston facility and retain the employees there while it continues to provide stainless steel, carbon steel and aluminum bar products, according to a news release.
Charter Dura-Bar Inc. of Woodstock is a wholly owned subsidiary of Charter Manufacturing Co. Inc., based in Mequon, Wisconsin.
Murray said that Charter Dura-Bar already has existing customer support centers in Woodstock; Salisbury, North Carolina; and York, Pennsylvania, and through its network of distributors. The addition of the Lokey Metals Fort Worth operation will improve Charter Dura-Bar’s ability to serve customers in the oil and gas and fluid power markets with enhanced target coverage with faster delivery times, in many cases in less than five hours drive time, according to the news release.
Charter Dura-Bar makes and distributes Dura-Bar. Its Dura-Bar operating unit, in Woodstock, is the largest global producer of continuous cast iron bars, the release said.
“The Charter Dura-Bar multi-channel network is the foundation for our increased ability to serve the fluid power and oil and gas markets,” Murray said in a statement. “The onshore oil and gas market presents significant growth opportunities, and Lokey’s favorable location in Fort Worth along with our other distributor relationships puts Charter Dura-Bar in a better position to capitalize on growth opportunities.”