TUBACEX, the manufacturer of seamless stainless steel tubes, has acquired 65% of the shares in the Italian company, IBF, and maintains a call option for the remaining 35%. A Letter of Intent was signed between the parties last July. The closing of the transaction is expected to occur during the first days of January 2015. The acquisition enables TUBACEX to take a step further in its strategic goal of becoming a global tubular solutions provider.
The operation falls within the framework of the growth strategy set out in the TUBACEX Strategic Plan and will enable the company to complement its product range, advance in the value chain, increase its presence in the oil and gas and power generation sectors and increase its presence in the Asian market, among other aspects.
With the acquisition of IBF, TUBACEX has become the only seamless stainless steel tube manufacturer capable of offering the full range of dimensions, as well as entering, with a leading position, into the pipe accessories (fittings, elbows, tees, caps, etc.) market. Following the signing, Jesús Esmorís, CEO of TUBACEX, stated: “IBF fits perfectly into our strategy, enabling us to improve our commercial position, extend our product range and strengthen our approach as a supplier of tubular solutions”.
