France-based tube and pipe producer Vallourec has announced that it has closed the acquisition of a 50.61 percent stake in Chinese seamless pipe manufacturer Anhui Tianda Oil Pipe (TOP) and has thereby increased its total stake to 70.07 percent.
According to the company’s statement, the acquisition of the majority stake of Anhui Tianda Oil Pipe (TOP) will enable Vallourec to create a new and very competitive production hub in China to supply the domestic market and to export, particularly to Asia and the Middle East.
“The integration of Anhui Tianda Oil Pipe fulfills a long-term strategic vision. By combining Vallourec's leadership in premium solutions with TOP's highly competitive operations, we are able to offer a wide range of competitive products that are perfectly suited to our customers’ current needs and challenges,” stated Philippe Crouzet, chairman of Vallourec’s management board.