Tenaris Acquires Romanian Seamless Pipe Producer

Tenaris S.A. reports that following a swift negotiation it acquired Tubman International Ltd., the company that holds 84.86% of the equity of the Romanian company S.C. Silcotub S.A. and controlling interests in three minor subsidiaries. Under the agreement, which was completed today, Tenaris paid US$42 million.

Silcotub is the leading Romanian producer of small diameter seamless pipes for OCTG and other applications and has an annual production capacity of 180,000 tons of seamless pipes. Its facilities include a continuous mandrel mill, finishing facilities and a cold-drawing plant.

S.C. Silcotub S.A. is listed in the Bucharest Stock Exchange, while two of the other subsidiaries are listed in the Romanian Electronic Exchange RASDAQ.