On October 4, Boulogne-Billancourt, France-based pipe- and tube-maker Vallourec announced that it has established a sponsored Level 1 American Depository Receipt (ADR) program in the United States.
An ADR is a US dollar-denominated security representing shares in a non-US company, which allows American investors to indirectly hold shares and to trade them on securities markets in the United States. Vallourec has appointed J.P. Morgan as the depositary bank to administer its ADR program, and from October 4 on Vallourec ADRs will trade in the United States in the over-the-counter (OTC) market.