Tenaris purchases Brazilian joint venture interest

Tenaris, the world's leading manufacturer and supplier of steel tubes and related services for the world's energy industry, announced today an agreement for the purchase, subject to regulatory approval, of the remaining 50% interest in Socotherm Brasil from Socotherm Americas, a division of ShawCor.

Socotherm Brasil operates a pipe coating facility managed by Tenaris, which is located at the Confab welded pipe mill in Pindamonhangaba, Brazil. The company to date has been a 50-50 joint venture between Tenaris and Socotherm Americas.

"The integration of this coating company with our operations will enable Tenaris to better serve our customers, offering a complete pipe and coating solution mainly for the oil and gas industry worldwide," said Renato Catallini, President of Tenaris in Brazil.

Tenaris will continue its strategic relationship with Socotherm and ShawCor worldwide as suppliers of coating solutions for its pipeline projects.

Adapted from press release by Hannah Priestley-Eaton

Read the article online at: https://www.worldpipelines.com/business-news/05122013/tenaris_purchases_brazilian_joint_venture_interest/