Tenaris completes acquisition of IPSCO Tubulars from TMK
02 Janvier 2020 - 10:18PM
Tenaris S.A. (NYSE, Mexico: TS and MTA Italy: TEN) announced today
the completion of its previously announced acquisition of IPSCO
Tubulars, Inc., a U.S. manufacturer of steel pipe, from PAO TMK.
The acquisition price was determined on a cash-free,
debt-free basis, and the final amount paid in cash, following
contractual adjustments, was US$1,067 million (including
approximately US$220 million in working capital). Tenaris will
consolidate IPSCO’s balance sheet and results of operations in its
consolidated financial statements beginning in the first quarter of
2020.
In connection with the closing of the
transaction, the parties entered into a 6-year master distribution
agreement whereby, beginning on January 2, 2020, Tenaris will be
the exclusive distributor of TMK’s OCTG and line pipe products in
the United States and Canada.
“The IPSCO acquisition marks a new chapter in
our U.S. expansion and represents another milestone in Tenaris’s
history. Together, we are uniquely positioned to serve the U.S. oil
and gas industry, with an extensive geographic deployment
throughout North America and an unmatched product range,” said
Paolo Rocca, Chairman and CEO of Tenaris.
Tenaris’s existing U.S. industrial and service
network – located primarily in the south – is complemented by
IPSCO’s facilities located mainly in the mid-western and
northeastern regions of the country. IPSCO’s steel shop in Koppel,
PA, is Tenaris’s first in the United States, providing vertical
integration through domestic production of a relevant part of its
steel bar needs. Its Ambridge, PA, mill adds a second seamless
manufacturing facility and complements Tenaris’s seamless plant in
Bay City, Texas.
“With IPSCO, we will be able to strengthen our
Rig Direct® offering with shorter lead times and more responsive
service capabilities,” added Rocca. “We look forward to integrating
IPSCO’s team and serving our customers more efficiently.”
Some of the statements contained in this press
release are "forward-looking statements". Forward-looking
statements are based on management's current views and assumptions
and involve known and unknown risks that could cause actual
results, performance or events to differ materially from those
expressed or implied by those statements.
Tenaris is a leading global supplier of steel
tubes and related services for the world’s energy industry and
certain other industrial applications.
Giovanni
SardagnaTenaris1-888-300-5432www.tenaris.com
Tenaris (BIT:TEN)
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