Tenaris to Buy IPSCO Tubulars From TMK
March 22 2019 - 9:55AM
Dow Jones News
By Allison Prang
Steel-tubes supplier Tenaris SA (TS) is buying IPSCO Tubulars
Inc., a subsidiary of Russian steel-pipe manufacturer PAO TMK.
Tenaris, based in Luxembourg, said Friday the $1.21 billion
deal, which includes $270 million of working capital, would grow
its U.S. presence.
"This acquisition would mark a further step in our journey as a
domestic producer and supplier to the U.S. oil and gas industry,"
Tenaris Chief Executive Paolo Rocca said in prepared remarks.
IPSCO Tubulars, based in Houston, produces welded and seamless
oil-country tubular goods and line pipe products. The company has a
yearly production capacity of 1 million metric tons of welded pipe,
450,000 metric tons of steel bars and 400,000 metric tons of
seamless pipe, Tenaris said.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
March 22, 2019 09:40 ET (13:40 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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