Tenaris S.A. has successfully completed the acquisition of Mattr’s tubing coating business unit for a total of USD$182.6 million, including estimated working capital and USD$16.9 million in cash. The acquisition involves nine plants located in various countries, including Canada, Mexico, Norway, Indonesia, the United Arab Emirates, and the United States, along with mobile concrete plants. The deal also encompasses research and development facilities in Canada and Norway and a broad portfolio of products and intellectual property. The agreement, announced on August 14, 2023, has received regulatory approvals in Mexico and Norway.

Michele Della Briotta, President of Tenaris for Europe and supervisor of the Coating Profit Center, highlighted the creation of a portfolio featuring high-quality products, innovative services, and coating technologies to meet customer needs. This acquisition enhances Tenaris’ product and service offerings, providing increased capacity and expertise in comprehensive coating solutions for onshore and offshore pipelines, addressing issues such as concrete weight, corrosion prevention, and ensuring flow.
The completion of this acquisition marks the conclusion of Tenaris’ portfolio transformation and strategic review process. Mattr’s future focus is now on accelerating high-value growth within the Composites and Connection Technologies segments, according to Mike Reeves, President and CEO of Mattr. Tenaris reported USD$11.8 billion in annual net sales in 2022 and operates in 23 countries with 25,000 employees worldwide. As part of the transition, Tenaris will fulfill prior commitments with Shawcor and integrate the acquired facilities in alignment with global standards for quality, health, safety, and environmental matters

Source: https://contxto.com/deals/tenaris-completes-purchase-of-mattrs-pipe-coating-business-unit/