India’s MAN Industries Limited, a major manufacturer of large-diameter carbon steel line pipes, has acquired a 100 percent stake in National Pipe Company Limited in the Kingdom of Saudi Arabia through its wholly owned subsidiary, MAN International Steel Industries Company, according to a company statement issued on Wednesday, May 27.
The statement said that the acquisition entailed a cash payment of around $102 million, which would bring National Pipe Company’s manufacturing facility in Dhahran, Saudi Arabia, with a capacity to produce 430,000 mt per year of API-certified large-diameter steel pipes.
With this acquisition, MAN Industries will solidify its position in Saudi Arabia, the statement said.
