Tenaris Completes Acquisition of Pipe Coating Business Unit of Mattr

Source Press Release
Company Tenaris S.A.Mattr Corp. 
Tags Oil Services, Asset Deals, Deals
Date November 30, 2023

Tenaris has completed its acquisition of Mattr’s pipe coating business unit (Shawcor) for US $182.6 million (including estimated working capital and US$16.9 million in cash).

The deal, previously announced on August 14, 2023, has received regulatory approvals in Mexico and Norway.

Tenaris brings nine plants in Canada, Mexico, Norway, Indonesia, the UAE, and the United States, and several mobile concrete plants, as well as world-class R&D facilities in Canada and Norway, and a wide IP/product portfolio into its fold.  

“We are creating an excellent portfolio of high-quality products, innovative services and coating technologies, offering highly efficient and effective solutions to serve customers’ operations,” said Tenaris President for Europe, Michele Della Briotta, who will oversee the newly formed Coating Profit Center.

The acquisition complements Tenaris’s extensive product and services solutions with greater capabilities and specialization in end-to-end concrete weight, anti-corrosion, and flow assurance coating solutions for onshore and offshore pipelines.

As part of the transition, Tenaris will honor all existing Shawcor commitments. 

Tenaris will work to integrate the facilities to align operations to the company’s global, industrial standards for quality, health, safety, and environment.

Source: EvaluateEnergy® ©2024 EvaluateEnergy Ltd