The Russian pipe producer Chelyabinsk Pipe Rolling Plant Group (ChTPZ) has announced the acquisition of the remaining shares in its subsidiary Pervouralsky Novotrubny Works (PNTZ) from minority shareholders. As a result of the acquisition, ChTPZ has become the owner of 100 percent of shares in PNTZ.
In October 2008, ChTPZ, which controlled 97.38 percent of PNTZ shares, made a purchase offer to minority shareholders to buy out the remaining 2.6 percent of shares for Ruble 727 ($25.3) per share.
PNTZ, which is scheduled to be commissioned in Q1 2009, will have an annual production capacity of 950,000 mt of billets for seamless pipes, and will allow ChTPZ to satisfy its 100 percent of its needs in this semi-finished material.