Tenaris S.A. announced the successful completion of the acquisition of Mattr’s tubing coating business unit for a total amount of USD$182.6 million, including estimated working capital and USD$16.9 million in cash.
The acquisition includes nine plants in various countries, such as Canada, Mexico, Norway, Indonesia, the United Arab Emirates, and the United States, along with several mobile concrete plants.
Additionally, it encompasses high-quality research and development facilities in Canada and Norway and an extensive portfolio of products and intellectual property.
The agreement, announced on August 14, 2023, has received the necessary regulatory approvals in Mexico and Norway.
“We are creating an excellent portfolio of high-quality products, innovative services, and coating technologies that provide highly efficient and effective solutions to meet the needs of our customers,” emphasized Michele Della Briotta, President of Tenaris for Europe and supervisor of the Coating Profit Center.
This acquisition strengthens Tenaris’ product and service offerings, providing greater capacity and expertise in comprehensive coating solutions to manage concrete weight, prevent corrosion, and ensure flow in onshore or offshore pipelines.
“With the closure of this significant operation, the company’s portfolio transformation and strategic review process are practically concluded. Mattr’s future focus is now firmly on accelerating high-value growth within our Composites and Connection Technologies segments,” affirmed Mike Reeves, President and CEO of Mattr.
“I would like to thank the Pipeline Performance Group business employees for their many contributions to this organization over the past decades and wish them the best in their transition,” added Reeves.
2022 Tenaris reported USD$11.8 billion in annual net sales, with a presence in 23 countries and 25,000 employees across offices and plants worldwide.
As part of the transition, Tenaris will fulfill all prior commitments with Shawcor and work on integrating the facilities to align operations with the company’s global standards regarding quality, health, safety, and environmental matters.
