Tenaris Completes Acquisition of Pipe Coating Business Unit of Mattr

Rhea-AI Summary

Tenaris S.A. (NYSE: TS, EXM Italy: TEN) has completed the acquisition of Mattr's pipe coating business unit for US$182.6 million, including estimated working capital and US$16.9 million in cash. The acquisition encompasses nine plants across multiple countries, world-class R&D facilities, and a wide IP/product portfolio.

Positive

• Acquisition of Mattr's pipe coating business unit expands Tenaris S.A.'s global presence and product portfolio
• The acquisition includes nine plants in various countries and world-class R&D facilities
• The acquisition is expected to enhance Tenaris S.A.'s position in the pipe coating industry

Negative

• None.

LUXEMBOURG, Nov. 30, 2023 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) announced that it has completed today the acquisition from Mattr (MATR.TO) of Mattr’s pipe coating business unit for US$182.6 million (including estimated working capital and US$16.9 million in cash).

The business acquired includes nine plants located in Canada, Mexico, Norway, Indonesia, the UAE and the US, and several mobile concrete plants. The business also includes world-class R&D facilities in Canada and Norway and a wide IP/product portfolio.

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. These risks include but are not limited to risks arising from uncertainties as to future oil and gas prices and their impact on investment programs by oil and gas companies.

Tenaris is a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications.

Giovanni Sardagna        
Tenaris
1-888-300-5432
www.tenaris.com

FAQ

What is the ticker symbol for Tenaris S.A.?

The ticker symbol for Tenaris S.A. on the New York Stock Exchange is TS and on the Mexico Stock Exchange is TEN.

How much did Tenaris S.A. pay for the acquisition of Mattr's pipe coating business unit?

Tenaris S.A. paid US$182.6 million for the acquisition, including estimated working capital and US$16.9 million in cash.

In how many countries are the plants included in the acquisition located?

The acquisition includes nine plants located in Canada, Mexico, Norway, Indonesia, the UAE, and the US.

What does the acquisition of Mattr's pipe coating business unit include?

The acquisition includes world-class R&D facilities in Canada and Norway, a wide IP/product portfolio, and several mobile concrete plants.