ChTPZ sells its stake in Trubodetal to OMK

Thursday, 11 March 2010 16:51:53 (GMT+2)

It is reported that Russian pipe producer ChTPZ Group has sold to fellow Russian pipemaker OMK its 34 percent stake (25.5 percent  authorized capital stock) in Trubodetal, one of the largest mills in Russia and the CIS, which produces connections for pipelines from low alloy steel in diameters from 57 to 1,420 mm.

Accordingly, the companies have confirmed the information, but have not yet disclosed the terms of the deal. According to analysts, the deal could amount to $24 million, Kommersant newspaper stated, adding that OMK will receive Trubodetal's entire holding of stock.

Trubodetal, in which OMK has had a majority stake since 2005, is a supplier for constructions of oil and gas supply pipelines and main pipeline networks. The plant's production capacity amounts to 30,000 mt of connections annually, with more than 500 sizes of both seamless and punched and welded connections (induction bends).

In January-February 2010, Trubodetal produced 1,959 mt of products - up 282 mt compared to the same period last year. Meanwhile, in February this year the plant produced 1,136 mt of connections.

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