US-based Jindal Tubular USA LLC, a subsidiary of Indian pipe producer Jindal SAW, has announced that it has acquired all of the assets of bankrupt large diameter pipe producer PSL North America LLC (PSLNA) for $104 million.
PSLNA is a premier manufacturer of large diameter helical submerged arc welding (HSAW) pipe, and has a modern manufacturing and coating plant in Bay St. Louis, Mississippi. The plant is capable of producing over 300,000 metric tons of pipe per year with diameters ranging from 45 cm to 300 cm and lengths up to 25 meters. The company's pipes are used primarily for natural gas, petroleum and water transmission lines and construction pilings.
Commenting on the acquisition, Prithvi Raj Jindal, chairman of Jindal SAW, stated, "This new acquisition is an expression of Jindal SAW's expansive business approach that will extend an added advantage to tap into the wide US market insistently."