Luxembourg’s Tenaris to buy U.S. IPSCO Tubulars for $1.2 billion

Luxembourg-based steel pipes manufacturer and supplier Tenaris S.A. has agreed to buy 100 percent of the shares of U.S. seamless and welded oil country tubular good producer IPSCO Tubulars Inc., a wholly-owned subsidiary of Russia's PAO TMK for $1.2 billion.

The deal will advance Tenaris's position and local manufacturing presence in the U.S. market, expanding its product offering and extending the company's service footprint.

Moreso, Tenaris will add a first U.S. steel bar production plant at Koppel, complement its seamless production in Bay City, Texas with a second facility in Ambridge and bring additional welded, heat treatment and finishing plants to better serve customers throughout the country.

The acquisition is subject to regulatory approvals, including approval by the U.S. antitrust authorities, and other customary conditions.