Tenaris Acquires Shares of Saudi Pipe Company
By Metal Center News Staff
on Jan 30, 2019
Tenaris has completed the acquisition of nearly half the stake in Saudi Steel Pipe, a welded pipe producer in Saudi Arabia. The move boosts Tenaris’s foothold in the Middle Eastern country.
The agreement gives Tenaris 47.79 percent of shares of Saudi Steel Pipe from a private group. The cost was approximately $141 million.
“The official integration of Saudi Steel Pipe into Tenaris marks an important step to further expand the company’s footprint and capabilities in Saudi Arabia,” said Mariano Armengol, who has been appointed as managing director and CEO of SSP. “We see clear opportunities for business growth in the kingdom and the region, through expanding SSP’s products and services portfolio and maximizing local preference.”