LUXEMBOURG, July 7, 2022 (GLOBE NEWSWIRE) — Tenaris SA (and Mexico: TS and EXM Italy: 10) announced today that it has entered into a definitive agreement to acquire 100% in cashless from Benteler North America Corporation, a Benteler group company , on a debt-free basis, to acquire a stake in Benteler Steel & Tube Manufacturing Corporation for a total consideration of $460 million.The acquisition will include $52 million in working capital.
The transaction is subject to regulatory approvals, including U.S. antitrust approvals, consent from the Louisiana Economic Development Authority and other local entities, and other customary conditions.The transaction is expected to close in the fourth quarter of 2022.
BENTELER PIPE MANUFACTURING, Inc. is an American seamless steel pipe producer with annual pipe rolling capacity of up to 400,000 metric tons at its Shreveport, Louisiana production facility.The acquisition will further expand Tenaris’ production reach and local manufacturing operations in the US market.
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 these statements.
Tenaris is a leading global supplier of steel pipes for the world’s energy industry and certain other industrial applications.