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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Tenaris SA | BIT:TEN | Italy | Ordinary Share |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.02 | 0.13% | 15.595 | 15.40 | 15.67 | 15.69 | 15.41 | 15.575 | 2,709,305 | 17:00:00 |
From May 2019 to May 2024
By Allison Prang
Steel-tubes supplier Tenaris SA (TS) is buying IPSCO Tubulars Inc., a subsidiary of Russian steel-pipe manufacturer PAO TMK.
Tenaris, based in Luxembourg, said Friday the $1.21 billion deal, which includes $270 million of working capital, would grow its U.S. presence.
"This acquisition would mark a further step in our journey as a domestic producer and supplier to the U.S. oil and gas industry," Tenaris Chief Executive Paolo Rocca said in prepared remarks.
IPSCO Tubulars, based in Houston, produces welded and seamless oil-country tubular goods and line pipe products. The company has a yearly production capacity of 1 million metric tons of welded pipe, 450,000 metric tons of steel bars and 400,000 metric tons of seamless pipe, Tenaris said.
Write to Allison Prang at allison.prang@wsj.com
(END) Dow Jones Newswires
March 22, 2019 09:40 ET (13:40 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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