(WKBN) – Tenaris announced the completion of its acquisition of IPSCO Tubulars, Inc., a U.S. manufacturer of steel pipe, from PAO TMK.
The billion-dollar deal allows Tenaris to be the exclusive distributor of TMK’s OCTG and line pipe products in the United States and Canada. The six-year distribution agreement went into effect on Thursday.
“The IPSCO acquisition marks a new chapter in our U.S. expansion and represents another milestone in Tenaris’s history. Together, we are uniquely positioned to serve the U.S. oil and gas industry, with an extensive geographic deployment throughout North America and an unmatched product range,” said Paolo Rocca, chairman and CEO of Tenaris.
TMK IPSCO has a facility in Brookfield Township.
Tenaris is a global supplier of steel tubes and related services for the world’s energy industry and other industrial applications.