TMK acquires OMZ

The Russian pipe producer Tube Metallurgical Company (TMK) has announced that it has acquired all ordinary shares in Orsk Engineering Plant (OMZ), representing 75 percent of the company's capital stock. The control of the sole executive body of OMZ has been transferred to TMK as of February 1, 2007. OMZ produces tool joints for drilling pipes, couplings for tubing pipes, hydraulic cylinders for mobile drilling machines, along with providing services for oil and gas companies. OMZ is the only Russian company which is certified by API to produce tool joints for drilling pipes. TMK's CEO Mr. Konstantin Semerikov commented that the acquisition of OMZ is in line with TMK's strategy to increase the share of oil and gas services in its sales.