Wuxi, China-based WSP Holding, a producer of API and non-API seamless OCTG tubing and casing, announced Monday that it has entered into an agreement with Southern Tube LLC, an affiliate of Japanese steelmaking Nippon Steel and Sumitomo Metal Corporation, for the sale of certain assets of its US subsidiary, Houston OCTG Group, Inc.
Under the terms of the agreement, Southern Tube will purchase production facilities held by Houston OCTG, including land, equipment and related permits and licenses, for a total consideration of $43 million. The transaction is expected to close by the end of November 2012.