France-based pipe manufacturer Vallourec has announced that it has entered into a definitive agreement to acquire Thermotite do Brasil Ltda., a thermal insulation pipe coating services provider for the offshore oil and gas industry, from Canada-based Mattr for US$17.5 million.
Thermotite is located within Vallourec’s existing coating services premises in Serra, Esperito Santo State, Brazil. This acquisition will enhance Vallourec’s line pipe coating solutions and reinforce its presence across the industry value chain.
“This acquisition is a further step forward in our strategy to provide premium integrated solutions for the most challenging offshore projects. Thermotite’s expertise perfectly complements our existing portfolio of anticorrosion coating solutions, allowing us to offer our customers more complete and tailored line pipe solutions. By strengthening our presence in Brazil, a key market for the offshore industry, we are well positioned to capitalize on the growing demand for premium tubular solutions both in the domestic market and in high-value export markets,” Philippe Guillemot, CEO of Vallourec, said.