A Luxembourg company, Tenaris S.A., said March 22 it is buying IPSCO Tubulars Inc., which has a Brookfield plant on Parkway Drive.
IPSCO, based in Houston, currently is owned by PAO TMK, a Russian company.
“The transaction is subject to regulatory approvals, including approval by the U.S. antitrust authorities, and other customary conditions,” Tenaris said in a statement posted on its web site.
IPSCO makes seamless and welded pipes and tubes for the oil and gas industry. The Brookfield plant makes steel pipe connections and threads tubular goods, the company said in a statement on its web site.
“Over the past 15 years, we have been expanding our manufacturing presence and positioning in the U.S. market,” said Paolo Rocca, Tenaris chairman and CEO. “This acquisition would mark a further step in our journey as a domestic producer and supplier to the U.S. oil and gas industry.”
Tenaris calls itself “a leading global supplier of steel tubes and related services for the world’s energy industry and certain other industrial applications”
In a statement on its web site, PAO TMK Chairman Dmitry Pumpyanskiy said the $1.2 billion deal “is in line with our strategy, which underlines, among other things, monetization of our international assets. The terms of this transaction would represent a significant enhancement of the value for all TMK shareholders.”
IPSCO’s Brookfield plant is on property owned by Brockway Properties Inc., according to the Trumbull County Auditor’s web site. The plant had about 120 employees in September 2017, according to a data sheet posted on the company’s web site.