The world's number one steelmaker ArcelorMittal has announced the conclusion of a definitive agreement to acquire Unicon, Venezuela's leading manufacturer of welded steel pipes.
The acquisition in question is in line with ArcelorMittal's strategy to bolster its welded steel pipes business in South America.
Unicon supplies oil, gas and industrial sectors as well as the construction sector, both domestically and overseas, and possesses six pipe manufacturing facilities in Venezuela. The company's total shipments for the year ending March 2007 amounted to 552,000 mt.
Commenting on the acquisition, Aditya Mittal, CFO and member of the ArcelorMittal Group management board, stated; "Unicon is an excellent company commanding a leading position in Venezuela. This highly complementary acquisition will help us expand our position in the fast growing Americas market."
Upon closure of the transaction, which is subject to customary closing conditions, ArcelorMittal will issue the relevant detailed information.