Vallourec takes controlling interest in Chinese tubes manufacturer
Vallourec has closed the acquisition of a majority stake (50.61%) in China’s Anhui Tianda Oil Pipe Co., thereby lifting its total stake to 70.07%.
BOULOGNE-BILLANCOURT, France – Vallourechas closed the acquisition of a majority stake (50.61%) in China’s Anhui Tianda Oil Pipe Co., thereby lifting its total stake to 70.07%.
Tianda, which manufacturer seamless tubes, is listed on the Hong Kong Stock Exchange. Its assets include a PQF rolling mill with 500-kt capacity and a tube heat treatment and threading workshop. The company has 1,500 employees.
Vallourec plans to establish a competitive production hub in China to supply the domestic market and export, particularly toAsia and the Middle East, and aims to develop a wider range of solutions that combine its VAM connections with Tianda’s tubes to sustain market share of VAM connections.
By the end of 2016, Vallourec expects to have 2,000 employees (including TOP’s) in China on five production sites serving both the oil and gas and power generation industries. Last year China accounted for almost 7% of the group’s revenue.