Basque region, Spain-based seamless stainless steel pipe producer Tubacex announced that it has entered into a letter of intent for the acquisition of the Italy-based manufacturer of high alloy seamless steel tubes and special fittings, IBF SpA, with the aim of signing the transaction in the last quarter of 2014.
With two production sites in Italy, a workforce of approximately 300 people and an annual turnover of around €140 million, IBF focuses on larger diameters and heavier wall thicknesses than those currently produced by Tubacex.