Vallourec finalizes the disposal of its subsidiary VHET to American Industrial Acquisition Corporation
(Thomson Reuters ONE) -
Press release
Vallourec finalizes the disposal of its subsidiary VHET to American Industrial
Acquisition Corporation
Boulogne-Billancourt (France), 2 May 2016 - Vallourec, world leader in premium
tubular solutions, today announces that it finalized the disposal of Vallourec
Heat Exchanger Tubes (VHET) to American Industrial Acquisition Corporation
(AIAC) on April 29, 2016.
This decision is in line with the Group's transformation plan and, in accordance
with the agreement's terms, all the employees will be integrated into AIAC.
By joining AIAC, an industrial holding company that currently owns 20 companies
in 13 countries and maintains a strong presence in France, VHET will be in an
optimal position to ensure its growth. From now on, the company will market its
products and services under the "Neotiss" brand.
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| - An identity that embodies the company's strategic goals: becoming the top|
| market player for thin welded tubes and the leader in titanium and finned|
| tubes. |
| - A logo whose contours symbolize dynamism and flexibility. |
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Founded in 1976, VHET, whose consolidated revenue stands at approximately ?100
million, specializes in producing titanium and stainless steel welded tubes for
secondary systems in conventional and nuclear power plants as well as for the
desalination, chemical, industrial and automotive markets.
VHET employs 600 people across five production sites worldwide: Venarey les
Laumes in France (Burgundy), Morristown in the United States (New Jersey),
Hyderabad in India, and two sites in Changzhou, China. In addition, the company
employs 100 people at two joint ventures in Korea and China.
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. Operating in more than 20
countries, its 20,000 dedicated and passionate people work hand-in-hand with
their customers to offer more than just tubes: they deliver innovative, safe,
competitive and smart tubular solutions, to make every project possible.
Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible
for the Deferred Settlement System (SRD), Vallourec is included in the following
indices: SBF 120 and Next 150.
In the United States, Vallourec has established a sponsored Level 1 American
Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY).
Parity between ADR and a Vallourec ordinary share has been set at 5:1.
vallourec.com
Follow us on Twitter (at)Vallourec
For further information, please contact:
Investor relations Press relations
Etienne Bertrand Héloïse Rothenbühler
Tel: +33 (0)1 49 09 35 58 Tel: +33 (0)1 41 03 77 50 / +33 (0)6
45 45 19 67
etienne.bertrand(at)vallourec.com heloise.rothenbuhler(at)vallourec.com
Investor relations Individual shareholders
Christophe Le Mignan Toll Free Number (from France):
0 800 505 110
Tel: +33 (0)1 49 09 38 96 actionnaires(at)vallourec.com
christophe.lemignan(at)vallourec.com
pdf version:
http://hugin.info/143606/R/2008844/743230.pdf
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GlobeNewswire clients. The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: VALLOUREC via GlobeNewswire
[HUG#2008844]
Unternehmensinformation / Kurzprofil:
Datum: 02.05.2016 - 07:58 Uhr
Sprache: Deutsch
News-ID 467800
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