CHARLESTON -- Two major distributors of industrial and oilfield PVF supplies, McJunkin Corporation and Red Man Pipe and Supply Company, announced Thursday a merger of equals that will make the new company one of the leading industrial and oilfield PVF suppliers in North America, according to a release issued jointly by the companies.

Charleston, W.Va. and Tulsa, Okla. will serve as co-headquarters for the new company, the release said.

H.B. Wehrle III, McJunkin Corporation chief executive officer and president, and Craig Ketchum, Red Man Pipe and Supply Company president and chief executive officer, will serve as Co-CEOs for the new company, the release said.

“This combination is exciting news for all of our stakeholders, including employees, customers, suppliers and shareholders. We will bring together the solid reputations and financial strengths of both companies and, our most important asset, the loyalty and experience of our new combined workforce,” Wehrle, said in the release.

The merger, which is expected to close within 60 days, is subject to customary closing conditions, including regulatory approvals. Additional terms of the transaction were not disclosed, the release said.