Sumitomo purchased Br's Edgen Group

Sumitomo Corp in Japan and Sumitomo Corp in America completed the purchase of Baton-Rugs based on Edgen Group. Edgen has 35 objects in 18 countries. The initial transaction value was declared at 1.2 billion dollars, with the assumption of the debt of Edgen. However, the acquisition was committed for $ 520 million.

Edgen consists of two trademarks: Edgen Murray and Bourland & Leverich. Edgen Murray is a global distributor specializing in steel products for sea drilling, transportation and storage of oil and natural gas, as well as petrochemical business. In this company you can buy color corrugated board and galvanized steel. Bourland & Leverich is the distributor of oil pipes, which is in business since 1935.

Dan liri, President and Chief Executive Director of Edgen, said that "this deal gives us the opportunity to satisfy the growing needs of the energy infrastructure industry in accordance with modern requirements on an even larger scale."

Sumitomo paid $ 12 for the Edgen campaign. Sumitomo Corp is a leading world trading company with specialization in the field of energy, chemical and electronic industries, media, environmental protection and much more. It works in 65 countries and 24 cities of Japan, the entire Sumitomo corporation consists of 800 companies and more than 70 thousand employees.

The President and General Director of Sumitomo Khazukiro Takeuchi said: “The acquisition of the EDGEN group gives us a wider global platform, including experienced employees, equipment and an expanded line of specialized steels, which will continue our growth.”