Main Page
Editor's Page
Industry News
Product News
Tech Info
Tube People
New Members
Link Club
Contact us


Main Register

Tube & Pipe
Main Register

US site
Europe site
Asia site
USA: Global:
Tue, Jan 28, 2020, 22:39:10 ---- The fact: 42.844.000 visitors done.

Tenaris to acquire Maverick Tube Corp
Port Pipe and Tube Inc
Email to Port Pipe and Tube   Banner Advertising    How to remove this banner
[Main Page]       [Send your Press Release on-line]     
[Change/Delete this Press Release] 
[Previous]   [Next]
Company: TenarisDalmine, Italy
Attn: Press releases

Tenaris SA and Maverick Tube Corp have entered into a definitive merger agreement that will lead to Tenaris acquiring Maverick in a deal valued at US$3,185mn, including Mavericks net debt. Tenaris will finance the acquisition through a combination of cash on hand and debt, while the transaction is subject to majority approval of Mavericks shareholders and other customary conditions.

Maverick is a leading North American producer of welded oil country tubular goods (OCTG), line pipe and coiled tubing for use in oil and natural gas wells. The companys electrical products segment manufactures welded pipes for electrical conduits. With operations in the United States, Canada and Colombia, it has a combined annual capacity of two million short tons of steel pipes with a size range from " to 16".

Maverick has approximately 4,650 employees and in 2005 had sales of US$1.8bn, of which 82 per cent were from its energy products division. Tenaris is a leading global producer of seamless steel pipes for the oil and gas industry worldwide. Taken together, the United States and Canadian markets for OCTG products, both seamless and welded, amounted to more than five million tons in 2005, or approximately 40 per cent of total world demand.

Mr Paolo Rocca, chairman and CEO of Tenaris, commented, This is a major step for Tenaris. With Maverick, well gain full access to the energy sector in the US and Canada. We will be able to support the growing requirements of our customers in the full range of applications from onshore shallow wells to extremely demanding deepwater wells in the Gulf of Mexico.

Mr Robert Bunch, chairman and CEO of Maverick, stated, We are excited about joining forces with Tenaris. Mavericks success in North America complements the strength of Tenaris in international markets. Moreover, the combined entity will provide a broader array of products and services to our customers, positioning us better to compete in a highly competitive marketplace. This expanded platform will benefit our employees, and represents an attractive opportunity for stockholders.

Assuming the acquisition is completed, the combined entity would have annual sales of approximately US$9bn, of which approximately 30 per cent would be in the USA and Canada.

     Fax: +39 035 560 3464
[Main Page]       [Send your Press Release on-line]     
[Change/Delete this Press Release] 
[Previous]   [Next]
Email to Cagil