VALLOUREC : Closing of the acquisition of Tianda Oil Pipe
(Thomson Reuters ONE) -
Press Release
Closing of the acquisition of Tianda Oil Pipe
Boulogne-Billancourt (France), November 14, 2016 - Vallourec, world leader in
premium tubular solutions, is pleased to announce that it has closed the
acquisition of a majority stake (50.61%) in the Chinese company, Anhui Tianda
Oil Pipe Company Limited (TOP) and thereby increased its total stake to
70.07%[1]. This process coincides with the commencement of a mandatory
unconditional cash bid for the remaining minority interest in TOP, which will
close on December 2, 2016, unless Vallourec revises or extends the bid in
accordance with the Hong Kong Code on Takeovers and Mergers. The two
transactions value TOP's share (50.61% + 29.93%) at approximately 175 million US
dollars.
Tianda Oil Pipe Company Limited is a Chinese manufacturer of seamless tubes
listed on the Hong Kong Stock Exchange. TOP's industrial assets include, in
particular, a state-of-the-art PQF(®)[2] rolling mill with 500 kt capacity as
well as a tube heat treatment and threading workshop. The company has 1,500
employees.
This acquisition, announced on February 1, 2016, is part of the Vallourec
2015-2020 Transformation Plan. It will enable Vallourec to create a new and very
competitive production hub in China to supply the domestic market and export,
particularly in Asia and the Middle East. It will allow Vallourec to develop a
wider range of solutions that combine VAM(®) connections with Tianda's very
competitive tubes to support the market share of VAM(®) connections.
"The integration of Anhui Tianda Oil Pipe fulfills a long-term strategic vision.
By combining Vallourec's leadership in premium solutions with TOP's highly
competitive operations, we are able to offer a wide range of competitive
products that are perfectly suited to our customers' current needs and
challenges" said Philippe Crouzet, Chairman of the Management Board. Didier
Hornet, SVP Eastern Hemisphere in charge of the Oil & Gas strategy, added: "we
are delighted to welcome the TOP teams that have been our partners over the past
five years for the delivery of tubes both to the Chinese market and to export
markets".
Vallourec has been present in China for more than 20 years. At the end of 2016,
Vallourec will have 2,000 employees (including TOP) in China on five production
sites that serve both the oil and gas market and the power generation market. In
2015, China represented almost 7% of the Group's total revenue.
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 continually 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 the Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and
eligible for the Deferred Settlement Service (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 more 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
Individual shareholder corner
Toll-free number: 0 800 505 110
actionnaires(at)vallourec.com
--------------------------------------------------------------------------------
[1] In 2011, Vallourec acquired 19.5% stake in TOP
[2] PQF = Premium Quality Finishing
PDF version:
http://hugin.info/143606/R/2056808/770458.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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: 14.11.2016 - 17:45 Uhr
Sprache: Deutsch
News-ID 506837
Anzahl Zeichen: 5463
contact information:
Town:
BOULOGNE BILLANCOURT CEDEX
Kategorie:
Business News
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