Spanish seamless tube and pipe producer Tubos Reunidos has announced that it has entered into a binding agreement for the acquisition of the US-based tubular products producer Rotary Drilling Tools, Inc. (RDT) for a value of €19.6 million.
Through the acquisition of RDT, Tubos Reunidos will gain its own integral and finishing capabilities in Houston, US, for its OCTG manufactured at its Amurrio plant in Spain. Besides strengthening its competitive positioning in the North American oil and gas market, which presents considerable opportunities for growth, with the addition of RDT Tubos Reunidos will also acquire the basis for its growth in the Latin American market which is of key interest to Tubos Reunidos’ future.