Offshore staff
BOULOGNE-BILLANCOURT, France– Vallourec has announced that it finalized the merger of Vallourec Tubos do Brasil (VBR) and Vallourec & Sumitomo Tubos do Brasil (VSB) on Oct. 1, 2016.
Vallourec holds a majority stake of 84.6% in the new entity, called Vallourec Soluções Tubulares do Brasil, Nippon Steel & Sumitomo Metal Corp. (NSSMC) holds 15%, and Sumitomo Corp. holds 0.4%.
Following the merger, Vallourec says that the new entity will generate significant industrial and administrative synergies and will fully benefit from the optimal performance reached by VSB’s PQF mill and finishing facilities, making it a highly competitiveproduction hub.
NSSMC will keep its present purchase agreement for 300 kt of tubes per year to be manufactured at the Jeceaba plant.
The merger is part of Vallourec’s global transformation plan announced in February 2016, which aims at enhancing the group’s competitiveness and driving Vallourec’s return to solid profitability and cash generation.
10/3/2016
