Tenaris Acquires IPSCO Tubulars from TMK

Updated 1 year 8 months ago

Tenaris announced in March 2019 a definitive agreement to acquire IPSCO Tubulars from TMK for USD 1,209 million on a cash-free, debt-free basis including USD 270 million of working capital. IPSCO produces seamless and welded OCTG and line pipe with an annual production capacity of 450,000 metric tons of steel bars, 400,000 metric tons of seamless pipe, and 1,000,000 metric tons of welded pipe.

The U.S. Department of Justice cleared the transaction in December, and the transaction closed in January for USD 1,067 in cash including USD 220 million in working capital. In connection with the deal, Tenaris and TMK entered into a six-year distribution agreement in which Tenaris will be the exclusive distributor of TMK's OCTG and line pipe products in the U.S. and Canada.

Tenaris CEO & Chairman

The IPSCO acquisition marks a new chapter in our U.S. expansion and represents another milestone in Tenaris’ history.

With IPSCO, we will be able to strengthen our Rig Direct® offering with shorter lead times and more responsive service capabilities.