Maverick Tube to buy two Colombian firms

Maverick Tube to buy two Colombian firms

Maverick Tube is in the final stages of purchasing Tubos del Caribe S.A.; Consorcio Metalurgico Nacional S.A. (Colmena S.A.); and Advance Corp. for $186 million. Like Maverick Tube, Tubos del Caribe, S.A, produces oil country tubular goods (OCTG) as well as line pipe. Consorcio Metalurgico Nacional S.A. manufactures steel electrical conduits and other pipe and tube products. Houston, Texas-based Advance Corp. distributes OCTG goods and electrical conduit. With the $186 million buying price, Maverick will assume $30 million in debt. Maverick estimates that the acquisition of the three companies will contribute $40 million annually in earnings before interest, taxes, debt and amortization.