Serbia-based investment company Hefestos Capital has acquired steel pipe manufacturer TMK Artrom, a Romanian subsidiary of Russian steel pipe producer TMK, according to media reports.
Following the completion of the transaction, the company has been renamed Artrom Steel Tubes.
Dmitry Pumpyanskiy, the former owner of the company, was subject to Western sanctions, resulting in the blocking of the accounts of the company. However, in the summer of 2022, after the signing of the acquisition agreement, the company’s accounts were unblocked.
Artrom Steel Tubes (TMK Artrom), which has an annual seamless pipe production capacity of 200,000 mt, will now be able to resume its development programs which were postponed due to the pandemic and the war in Ukraine, and will be able to continue its operations.
