Japanese steelmaking company Sumitomo Corporation announced Friday that it has acquired a 19.47 percent stake in V&M Two LLC, an Ohio-based seamless steel pipe manufacturer from France's Vallourec S.A. Vallourec will now own an 80.53 percent interest in the company.
In a press release, Sumitomo said that by taking a stake in V&M Two, Sumitomo aims to enhance its seamless tubular products business in the US and strengthen its long-term alliance with Vallourec. In relation to this, V&M Two is planning to integrate its business with that of V&M Star (another Ohio-based seamless pipe manufacture in which Sumitomo owns a 19.47 percent interest) in the future. Sumitomo intends to leverage this integration to expand its business in the US market.