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:
– recognized in North America as a leading supplier of premium OCTG connection technology.
– 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.