Vallourec confirms the acquisition of three tubular businesses from Grant Prideco

05/05/2008 - United States, Oil & gas, OCTG
Vallourec today announced that all regulatory approvals required for the acquisition from Grant Prideco of three tubular businesses have been granted.

Boulogne Billancourt, 5 May 2008 – Vallourec, world leader in the production of seamless steel tubes, today announced that all regulatory approvals required for the acquisition from Grant Prideco of Atlas Bradford® Premium Threading, TCA®, and Tube-Alloy™, including approval by the U.S Department of Justice, have been granted.

 

The tubular business units to be acquired from Grant Prideco include:

Atlas Bradford® – recognized in North America as a leading supplier of premium OCTG connection technology.

TCA® – specializes in heat treatment operations and markets high grade tubular products with a strong focus on short lead time orders.

Tube-Alloy™ – produces and repairs down-hole tubular accessories for the oil & gas industry, and specializes in complex threading and machining for custom-made orders.

 

Pierre Verluca, Chairman of Vallourec’s Management Board, commented: "We are looking forward to welcoming the teams of Atlas Bradford®, TCA® and Tube-Alloy™ within our North American operations. We are confident that, with their leading premium technology as well as their excellent customer service, they will bring a strong contribution to further enhance Vallourec's positions in high value-added products."

As stated at the time the agreement with Grant Prideco was originally entered into, these three business units had combined sales of US$ 229 million and acquired EBITDA of US$ 74 million for the 12-month period ended 30 September 2007.

 


About Vallourec

Vallourec is a world leader in the production of seamless steel tubes destined primarily for the oil and gas and power generation sectors, and other industrial applications.

Vallourec is listed on the Euronext Paris Eurolist (ISIN code: FR0000120354), is eligible for the deferred settlement system and is included in the following indices: MSCI World Index, Euronext 100 and CAC 40. FTSE classification: engineering and machinery.

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