Spanish company Tubacex, who specialize in the manufacture of stainless steel tubular solutions mainly for the oil & gas, petrochemical and power generation industries, has reached an agreement with Indian company PRAKASH STEELAGE to acquire 68% of its seamless stainless steel tube division, reinforcing the position of Tubacex in the fastest growing markets, especially Asia where the company plans to strengthen its presence with new commercial offices.
Photo courtesy of Tubacex Group
PRAKASH STEELAGE LIMITED is a leading manufacturer of stainless steel pipes and tubes in India also mainly oriented to oil & gas, petrochemical and power generation applications. The seamless stainless tube division has a turnover of 25 million Euros and employs 250 people.
Following its recent acquisition of IBF in Italy, Tubacex has become a leading manufacturer of seamless stainless steel tubes worldwide with industrial platforms in Europe, America and Asia.
This acquisition fits perfectly into the company’s Strategic Plan. Following a successful initial phase of strengthening its financial position and improving results (2013 -2014), it is now entering into the next growth phase (2015 and 2016).
