Maverick dismantles TuboCaribe/Lone Star alliance

Maverick dismantles TuboCaribe/Lone Star alliance

St. Louis-based Maverick Tube Corporation has taken over the marketing and sale of goods produced by its recently acquired subsidiary TuboCaribe from the Lone Star Company, according to a press release issued by Maverick. With immediate effect TuboCaribe's oil country tubular goods will now be sold through Maverick. The remainder of TuboCaribe's product line will be available through Maverick's subsidiary, Advance Corporation. Maverick has agreed to terms under which TuboCaribe will deliver an established amount of free OCTG to Lone Star in the fourth quarter. Additionally, TuboCaribe's final purchase price will be reduced by $5.5 million and disbursed to Maverick at closing. Maverick Tube Corporation is a leading North American producer of tubular steel products, OCTG, and line pipe products used in energy and industrial applications. Maverick also produces coiled tubing, line pipe, hollow structural sections (HSS), standard pipe, and pipe piling.