JFE Steel to acquire premium threading business of US-based Benoit Machine

Japanese steelmaker JFE Steel Corporation has announced that it will acquire the premium threading business and related assets of US-based Benoit Machine LLC through a holding company, Benoit Holding Company, which has been jointly established by JFE Steel and Kanematsu USA Inc., a wholly owned subsidiary of Kanematsu Corporation in Japan.
 
JFE Steel will pay $91.5 million for the acquisition through which it expects to increase its sales volume for oilfield tubing.
 
Benoit provides premium threading services for oilfield tubing and a full line of downhole accessories. The acquisition will enable JFE Steel and Kanematsu to establish a total supply chain for the manufacture, threading and distribution of oilfield tubing and downhole accessories.