Tenaris Completes Acquisition of IPSCO Tubulars
"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 Tenaris chairman and chief executive Paolo Rocca.
Tenaris’s existing U.S. industrial and service network will be complemented by IPSCO’s facilities in the Midwest and Northeast. IPSCO’s steel shop in Koppel, Pa., USA, will be Tenaris’s first in the U.S., and its Ambridge, Pa., mill will be its second seamless manufacturing facility.
As part of the closing, Tenaris signed a six-year master distribution agreement with TMK, making it the exclusive distributor of TMK’s oil country tubular goods line pipe products in the United States and Canada.
“We are pleased with the successful closing of the transaction, which was executed in line with TMK’s current strategy and will bring the value for TMK's shareholders,” said TMK chairman Dmitry Pumpyanskiy. “The proceeds from the transaction will ensure the company’s stability and further development,” he added.