Boulogne-Billancourt (France), 2 May 2016 – Vallourec today announces that it finalized the disposal of Vallourec Heat Exchanger Tubes (VHET) to American Industrial Acquisition Corporation (AIAC) on April 29, 2016.
This decision is in line with the Group's transformation plan and, in accordance with the agreement's terms, all the employees will be integrated into AIAC.
By joining AIAC, an industrial holding company that currently owns 20 companies in 13 countries and maintains a strong presence in France, VHET will be in an optimal position to ensure its growth. From now on, the company will market its products and services under the "Neotiss" brand.
- An identity that embodies the company's strategic goals: becoming the top market player for thin welded tubes and the leader in titanium and finned tubes.
- A logo whose contours symbolize dynamism and flexibility.
Founded in 1976, VHET, whose consolidated revenue stands at approximately €100 million, specializes in producing titanium and stainless steel welded tubes for secondary systems in conventional and nuclear power plants as well as for the desalination, chemical, industrial and automotive markets.
VHET employs 600 people across five production sites worldwide: Venarey les Laumes in France (Burgundy), Morristown in the United States (Tennessee), Hyderabad in India, and two sites in Changzhou, China. In addition, the company employs 100 people at two joint ventures in Korea and China.