Vallourec to sell its Mülheim site
Published by Isabel Stagg,
Editorial Assistant
World Pipelines,
Vallourec, a world leader in premium tubular solutions, announces that it has signed a contract to sell its Mülheim site to CTP, Europe’s largest publicly-listed industrial property developer.
On 14 December, the city council of Mülheim agreed to waive its preemption right in the transaction, and on 22 December, all conditions precedent for closing have been fulfilled.
This transaction involves the sale of the approximately 330 000 m2 property for a total purchase price equivalent to €39 million. Approximately €37 million of this amount is expected to be received in cash within two weeks.
Philippe Guillemot, Chairman of the Board of Directors, and Chief Executive Officer, commented: “This transaction demonstrates our strong focus on executing the New Vallourec targets. For the end of the year 2023 we are targeting net debt below €741 million, excluding any impact of land sales, which will mark five straight quarters of deleveraging. This transaction supports our deleveraging ambitions in the near-term and our ultimate goal of reaching zero net debt by year end 2025 at the latest. Furthermore, this sale is proof of our ability to close transactions in a challenging environment by working collaboratively with multiple stakeholders.”
Read the article online at: https://www.worldpipelines.com/business-news/03012024/vallourec-to-sell-its-mlheim-site/
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