Tenaris seeks to acquire Argentine welded pipe assets

Tenaris seeks to acquire Argentine welded pipe assets

Tenaris S.A. announced today that it has made a binding offer to acquire the welded pipe assets and facilities of Acindar Industrial Argentina de Aceros S.A. (Acindar) in Villa Constitucion, Santa Fe, for approximately US$28 million. The acquisition has been approved by the Argentine competition authorities, but it is still subject to Acindar being released from its general restriction on asset dispositions while undergoing its restructuring process. Acindar's welded pipe facilities, which would be acquired through Tenaris' Argentine welded pipe subsidiary, Siat S.A., have an annual capacity of 80'000 tons of small diameter pipe. Tenaris, headquartered in Luxembourg, is a world leader in the manufacturing of seamless steel pipe products, with pipe facilities in South America, Europe, and Japan.