Maverick Tube completes HSS sale

Maverick Tube completes HSS sale

Maverick Tube Corp. announced Friday, July 29, that it had completed the sale of its hollow structural sections (HSS) product line to Canadian HSS manufacturer Atlas Tube for $51 million. The company received $37.8 million in cash and expects the rest of the liquidity to generate from certain retained assets. As part of the sale agreement, Maverick will continue to produce HSS products for Atlas for up to 18 months. Maverick's president and CEO, James Cohen said, "The divestiture of the HSS product line gives us additional liquidity to continue to execute our growth strategy in our core businesses." Maverick Tube is headquartered in St. Louis and manufactures tubular products for the energy industry.