SAND SPRINGS, Okla., Jan. 2, 2025 /PRNewswire/ -- Webco Industries, Inc. (OTC: WEBC) today announced that the Company has acquired 143,443 shares of its common stock in a private transaction totaling $28.7 million, representing 16.8% of Webco's outstanding shares prior to the purchase. The purchase price was paid using a combination of cash on hand and borrowing on the Company's revolving line of credit.
Dana S. Weber, Webco Chairman and Chief Executive Officer said, "We were recently approached by a shareholder regarding our interest in purchasing its holdings. Following approval by our Board of Directors, we moved forward with the purchase. After the transaction, we have 712,300 shares outstanding, of which an estimated 78.5 percent is owned by the combined families of F. William. Weber and management. We are pleased that we have historically been able to provide liquidity for our shareholders."
Webco's mission is to continuously build on our strengths as we create a vibrant company for the ages. We leverage our core values of trust and teamwork, continuously building strength, agility and innovation. We focus on practices that support our brand such that we are 100% engaged every day to build a forever kind of company for our Trusted Teammates, customers, business partners, investors and community. We provide high-quality carbon steel, stainless steel and other metal specialty tubing products designed to industry and customer specifications. We have five tube production facilities in Oklahoma and Pennsylvania and eight value-added facilities in Oklahoma, Illinois, Michigan, Pennsylvania and Texas, serving customers globally. Our F. William Weber Leadership Campus is in Sand Springs, Oklahoma and houses our corporate offices and our Webco TechCenter™, providing a state-of-the-art laboratory and R & D facility to lead and develop technical solutions.
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SOURCE Webco Industries, Inc.
