TUBACEX has completed the acquisition of 68% of the seamless stainless steel tubes division of the Indian company Prakash Steelage. With this operation, announced in February, the Spanish company also maintains a purchase option on the remaining 32%. This division, which is located close to Mumbai, employees 250 people with a turnover of EUR 25M. This acquisition, which takes place months after the integration of IBF in the Group, is part of the company’s strategic plan focused on growth. Prakash’s integration in the group allows to strengthen TUBACEX’s position within the Asian market and recover its market share in certain standard products.
For Jesús Esmorís, CEO of TUBACEX, this operation strengthens the Group’s global presence in key markets. “Since we announced the acquisition last February, we have been working on an integration plan for Prakash within the Group’s structure, which has allowed us to expand our experience and market knowledge”, stated Esmorís. “We have also worked on an industrial plan that considers capital expenditure that will contribute to a significant increase of the quality of the TUBACEX Prakash products, as well as the growth of its portfolio”, he said. Furthermore, the acquisition strengthens the presence of the Group in key markets such as oil & gas, power generation and petrochemical industries, among others.
