LNM buys Romanian Tepro stakes
According to the latest news from the industry LNM Group, the second largest steel producer in the world, has acquired a majority stake in Romanian
pipe maker Tepro with an offer of $16 million on May 30, 2003. After this purchase, LNM now owns a 70.8% stake in Tepro. According to the reports, LNM will buy additional shares in order to increase its stake to 83% in the
pipe maker. LNM was the only bidder in this acquisition.
LNM's acquisition includes in technology of around $9 million,
investments in environmental protection of $1.2 million and some $3 million of working capital. Tepro has Rol 566 billion (approx. $18 million) in debt and also posted a losses of Rol 240 billion at the end of 2002.
Tepro's mill produces longitudinally welded pipes and cold formed profiles and located in Iasi, north of Galati.