India's MAN Industries limited, a major manufacturer of large diameter carbon steel pipeline pipes, has acquired a 100 percent stake in National Pipe Company limited in the Kingdom of Saudi Arabia through its wholly owned subsidiary MAN International Steel Industries Company, according to a company statement issued on Wednesday, May 27.
The statement said the acquisition entailed a cash payment of approximately US$102 million that will bring National Pipe. The company's manufacturing facility in Dhahran, Saudi Arabia, is capable of producing 430,000 tons per year of API-certified large-diameter steel pipe.
With this acquisition, MAN Industries will strengthen its position in Saudi Arabia, the statement said.
