Sumitomo Corporation together with their wholly-owned subsidiary, Sumitomo Corporation of Americas (SCOA) announced today their plan to acquire all shares of US based oil country tubular goods (OCTG) distributor Champions Cinco Pipe & Supply LLC (CCPS) from Mitsui & Co. (USA), Inc. In a press release, Sumitomo said the acquisition will enhance SCOA’s position within the OCTG industry and add valuable support to its current partners and customers.
With locations in Houston, San Antonio, Oklahoma, Dallas and Midland, CCPS is a leading OCTG distributor in the United States. Established in 1979, CCPS supplies goods and services for OCTG and oilfield equipment companies through its nationwide sales and logistics network.
The company said in a statement that the US is the world's largest OCTG market and is expected to grow further with the development of shale, which is why the Sumitomo Corporation Group said it has established a robust value chain covering steel pipe manufacturing, processing and distribution networks.