Tenaris to Acquire a Pipe Coating Business Unit of Mattr

Rhea-AI Summary

Tenaris S.A. is set to acquire Mattr's pipe coating business, Bredero Shaw International BV, for US$166 million. The deal includes nine plants across multiple countries, R&D facilities, and a wide IP/product portfolio. The transaction is subject to regulatory approvals and is expected to close in six months.

LUXEMBOURG, Aug. 14, 2023 (GLOBE NEWSWIRE) -- Tenaris S.A. (NYSE and Mexico: TS and EXM Italy: TEN) announced today that it has entered into a definitive agreement to acquire from Mattr (MATR.TO) 100% of the shares of its subsidiary Bredero Shaw International BV, which holds Mattr’s pipe coating business, for US$ 166 million (including working capital), on a cash-free, debt-free basis, subject to customary price adjustments.

The business being 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 Toronto and Norway and a wide IP/product portfolio.

The transaction is subject to regulatory approvals in Mexico and Norway. Closing is expected to be completed within approximately six months.

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

FAQ

What is the acquisition price for Tenaris' acquisition of Mattr's pipe coating business?

The acquisition price is US$166 million.

What assets are included in the acquisition?

The acquisition includes nine plants located in Canada, Mexico, Norway, Indonesia, the UAE, and the US, as well as several mobile concrete plants. It also includes R&D facilities in Toronto and Norway, and a wide IP/product portfolio.

When is the expected completion date for the acquisition?

The acquisition is expected to be completed within approximately six months.

What industry is Tenaris S.A. involved in?

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