Vallourec Enhances Its Line Pipe Coating Solutions With the Acquisition of Thermotite do Brasil
16 Settembre 2024 - 7:30AM
VALLOUREC ENHANCES ITS LINE PIPE COATING
SOLUTIONS WITH THE ACQUISITION OF THERMOTITE DO
BRASIL
Meudon (France), September 16, 2024
– Vallourec, a world leader in premium seamless tubular
solutions, has entered into a definitive agreement to acquire from
Mattr (MATR.TO) 100% of the shares of its subsidiary Thermotite do
Brasil Ltda. a specialized provider of thermal insulation pipe
coating services for the offshore oil and gas industry. The
acquisition price is US$ 17.5 million, on a cash-free, debt-free
basis, subject to customary price adjustments (including working
capital).
Thermotite’s facility is located within
Vallourec’s existing coating services premises in Serra, Esperito
Santo State, Brazil. This acquisition will support Vallourec’s
premiumization strategy, reinforce its presence across the industry
value chain with an integrated industrial set up and improve its
technical expertise, notably for the offshore and particularly
deepwater markets.
Philippe Guillemot, Chairman of the Board of
Directors, and Chief Executive Officer declared: “This acquisition
is a further step forward in our strategy to provide premium
integrated solutions for the most challenging offshore projects.
Thermotite’s expertise perfectly complements our existing portfolio
of anti-corrosion coating solutions, allowing us to offer our
customers more complete and tailored line pipe solutions. By
strengthening our presence in Brazil, a key market for the offshore
industry, we are well-positioned to capitalize on the growing
demand for premium tubular solutions both in the domestic market
and in high-value export markets.”
The transaction, under which Vallourec will
acquire 100% of the shares of Thermotite do Brazil, is subject to
customary closing conditions, including regulatory approvals.
Vallourec reiterates its previously stated
targets to deleverage further in the second half of 2024 and to
commence shareholder returns in 2025 at the latest.
About Vallourec
Vallourec is a world
leader in premium tubular solutions for the energy markets and for
demanding industrial applications such as oil & gas wells in
harsh environments, new generation power plants, challenging
architectural projects, and high-performance mechanical equipment.
Vallourec’s pioneering spirit and cutting-edge R&D open new
technological frontiers. With close to 14,000 dedicated and
passionate employees in more than 20 countries, Vallourec works
hand-in-hand with its customers to offer more than just tubes:
Vallourec delivers innovative, safe, competitive and smart tubular
solutions, to make every project possible.
Listed on Euronext in
Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of
the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for
Deferred Settlement Service.
In the United States,
Vallourec has established a sponsored Level 1 American Depositary
Receipt (ADR) program (ISIN code: US92023R4074, Ticker: VLOWY).
Parity between ADR and a Vallourec ordinary share has been set at
5:1.
For further information, please
contact:
- Vallourec_Press Release_Acquisition of Thermotite
Grafico Azioni Vallourec (EU:VK)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Vallourec (EU:VK)
Storico
Da Dic 2023 a Dic 2024
