Tenaris Announces Acquisition of IPSCO Pipe Manufacturing

IPSCO is the American subsidiary of the Russian steel pipe manufacturer PAO TMK. Luxembourg-based Tenaris SA has reached a definitive agreement to acquire IPSCO Tubulars, Inc. for the amount of 1.2 billion US dollars. The agreement was signed on March 22. The transaction is subject to regulatory approvals, including US antitrust approval and other customary terms.

The CEO of Tenaris said that the company has continuously expanded its manufacturing presence and positioning in the US market over the past 15 years. The IPSCO acquisition is another step towards becoming a leading domestic manufacturer and supplier to the US oil and gas industry. In addition, it will help the company expand its product range and expand its range of services.