Vallourec merges its two main Brazilian companies into Vallourec Soluções Tubulares do Brasil
(Thomson Reuters ONE) -
Press release
Vallourec merges its two main Brazilian companies into Vallourec Soluções
Tubulares do Brasil
Boulogne-Billancourt (France), 3 October 2016 - Vallourec, world leader in
premium tubular solutions, announces it finalized the merger(1) of Vallourec
Tubos do Brasil (VBR)(2 )and Vallourec & Sumitomo Tubos do Brasil (VSB)(3) on 1
October 2016. Vallourec holds a majority stake of 84.6% in the new entity,
called Vallourec Soluções Tubulares do Brasil, Nippon Steel & Sumitomo Metal
Corporation (NSSMC) 15%, and Sumitomo Corp. 0.4%.
Following the merger, Vallourec Soluções Tubulares do Brasil will generate
significant industrial and administrative synergies and will fully benefit from
the optimal performance reached by VSB's state-of-the-art PQF® mill and premium
finishing facilities, making it a highly competitive production hub.
NSSMC will keep its present purchase agreement for 300kt of tubes per year to be
manufactured in the Jeceaba plant. The new entity(4) will be fully consolidated
in Vallourec's financial statements as from 1 October 2016 and the interests
held by NSSMC and Sumitomo Corp. will be recorded as non-controlling interests.
Commenting on this merger Philippe Crouzet, Chairman of the Management Board
said: "The successful merger of VBR and VSB is an important step in the
development of a highly competitive production hub in Brazil. Vallourec Soluções
Tubulares do Brasil will serve its domestic customers as well as its worldwide
customers with high-end products and solutions. It also highlights the strong
and fruitful partnership between Vallourec and NSSMC."
This merger is part of Vallourec's global Transformation Plan announced early
February 2016 which aims at enhancing the Group's competitiveness and driving
Vallourec's return to solid profitability and cash generation.
(1 )Through a contribution of Vallourec Tubos do Brasil (VBR) Pipe & Tube
business to Vallourec & Sumitomo Tubos do Brasil (VSB).
(2 )Vallourec Tubos do Brasil is a company fully owned by Vallourec.
(3 )Vallourec & Sumitomo Tubos do Brasil is a Vallourec and NSSMC 56/40.4% joint
operation, with Sumitomo Corp. holding the remaining 3.6%.
(4 )Total rolling capacity of Vallourec Soluções Tubulares do Brasil: 1.1
million tons per year, including 300k tons for NSSMC as per purchase agreement.
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
Tél : +33 (0)1 49 09 35 58 Tél : +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 Shareholder relations
Christophe Le Mignan Toll free number (from France) :
0 800 505 110
Tél : +33 (0)1 49 09 38 96 actionnaires(at)vallourec.com
christophe.lemignan(at)vallourec.com
Calendar
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8 November 2016 Release of third quarter and first nine months 2016 results
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PDF version:
http://hugin.info/143606/R/2046126/764560.pdf
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The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: VALLOUREC via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 03.10.2016 - 08:31 Uhr
Sprache: Deutsch
News-ID 498263
Anzahl Zeichen: 5623
contact information:
Town:
BOULOGNE BILLANCOURT CEDEX
Kategorie:
Business News
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