TUBACEX has recently reached an agreement to create a joint venture with the Japanese company Awaji Materia to manufacture special stainless steel components at its factory in Thailand. This operation, which follows a statement of intent signed and announced last May, implies a capital increase of USD 3.3M subscribed by Tubacex Group through the Italian firm IBF, which accounts for 60% of the new companyâs stake. As compensation for the remaining 40%, Awaji Materia will provide the assets for the stainless steel special fittings factory.
It is expected that the new company, Tubacex Awaji Thailand, will invoice EUR 20-25M in three years with the manufacture of stainless steel elbows, reductions, Ts and Caps. These are standard small diameter products that complement the âfittingsâ? range that TUBACEX has been offering through TTA (Alava) and IBF (Italy), allowing for industrial synergies with its tube plant located in India.
For Jesús Esmorís, CEO of TUBACEX, âthe crisis in the sector has hit the fitting sector particularly hard, but we have reacted with a plan for the specialization of our plants and a strategic acquisition in Thailand that will help us to reach our goals of diversification, better positioning in the value chain and proximity to the final user.â?
