MCCOY GLOBAL $5.00 (Toronto symbol MCB; TSINetwork Rating: Speculative) (780- 453-8451; www.mccoyglobal.com; Shares outstanding: 27.7 million; Market cap: $142.7 million; Dividend yield: 4.0%) has now sold its Inotec Coatings and Hydraulics business for $9.3 million. Inotec makes coatings for oil and gas drilling tools and mining equipment. It also repairs and maintains hydraulic cylinders.
This deal follows McCoy’s sale of its mobile solutions unit earlier this year and completes the company’s shift toward its faster growing and more profitable energy products and services segment.
This business sells hydraulic gear, including power tongs, for drilling rigs. (Power tongs are large wrench-like tools that tighten and loosen the pipe in the drill hole.)
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