Jindal Tubular USA Acquires Assets of PSL North America
09/04/2014 - Jindal Tubular USA LLC, a SPV subsidiary of Jindal SAW, one of the largest global manufacturers of large diameter steel pipe, announced the acquisition of the assets of PSL North America LLC (PSLNA) for US$104 million.
Belonging to O.P. Jindal Group, one of India’s largest business conglomerates with interests spanning the steel, mining, power, industrial gases and ports verticals, Jindal SAW is now set to service the U.S. market.
PSLNA is a manufacturer of large diameter, high pressure steel pipe utilizing state-of-the-art helical submerged arc welding (HSAW) technology. Located in Bay St. Louis, Miss., the company’s manufacturing and coating plant is one of the most modern and technologically advanced in the world. The plant is capable of producing over 300,000 tons of pipe per year with diameters ranging from 18" to 120" and lengths up to 80'. The company’s pipes are used primarily for natural gas, petroleum and water transmission lines and construction pilings.
Commenting on the acquisition chairman P R Jindal expressed his satisfaction on the fruitful culmination of a court controlled process: “This new acquisition is an expression of Jindal SAW’s expansive business approach that will extend an added advantage to tap into the wide U.S. market insistently.”
“This acquisition is an important milestone, not only for Jindal SAW Ltd., but for all stakeholders. PSLNA’s modern and advanced manufacturing technology complements our existing operations in the U.S., further strengthening our asset base and production capacity. We are pleased to invite the members of PSL NA in the Jindal family and participate in our growth story.” commented Neeraj Kumar, Group CEO & Whole-time director, Jindal SAW Ltd.
“We look forward to teaming up with Jindal SAW as we diversify our product line and continue to leverage our capabilities to be able to deliver better services to our customers. Jindal SAW is an undisputed leader in the sector and we are confident that the company would help us take our business to the next level of excellence for our customers, suppliers and employees,” said Richard D. Gilstrap, Jr., CEO of PSLNA.
Jindal Tubular acquired all of the assets of PSL NA through a Section 363 sale held in the U.S. Bankruptcy Court for the District of Delaware.
Jindal Tubular is part of the US$18 billion O.P. Jindal Group and the U.S. division of Jindal SAW Ltd., which is one of the largest global manufacturers and suppliers of steel and iron and pipe products. Jindal SAW’s principal products include large diameter submerged arc pipes and spiral pipes for the energy transportation sector; carbon, alloy, and stainless steel seamless pipes and tubes for use in industrial applications; and ductile iron pipes for water and wastewater transportation. For the fiscal year ending 31 March 2014, Jindal SAW reported revenues of US$1.1 billion.
PSLNA is a manufacturer of large diameter, high pressure steel pipe utilizing state-of-the-art helical submerged arc welding (HSAW) technology. Located in Bay St. Louis, Miss., the company’s manufacturing and coating plant is one of the most modern and technologically advanced in the world. The plant is capable of producing over 300,000 tons of pipe per year with diameters ranging from 18" to 120" and lengths up to 80'. The company’s pipes are used primarily for natural gas, petroleum and water transmission lines and construction pilings.
Commenting on the acquisition chairman P R Jindal expressed his satisfaction on the fruitful culmination of a court controlled process: “This new acquisition is an expression of Jindal SAW’s expansive business approach that will extend an added advantage to tap into the wide U.S. market insistently.”
“This acquisition is an important milestone, not only for Jindal SAW Ltd., but for all stakeholders. PSLNA’s modern and advanced manufacturing technology complements our existing operations in the U.S., further strengthening our asset base and production capacity. We are pleased to invite the members of PSL NA in the Jindal family and participate in our growth story.” commented Neeraj Kumar, Group CEO & Whole-time director, Jindal SAW Ltd.
“We look forward to teaming up with Jindal SAW as we diversify our product line and continue to leverage our capabilities to be able to deliver better services to our customers. Jindal SAW is an undisputed leader in the sector and we are confident that the company would help us take our business to the next level of excellence for our customers, suppliers and employees,” said Richard D. Gilstrap, Jr., CEO of PSLNA.
Jindal Tubular acquired all of the assets of PSL NA through a Section 363 sale held in the U.S. Bankruptcy Court for the District of Delaware.
Jindal Tubular is part of the US$18 billion O.P. Jindal Group and the U.S. division of Jindal SAW Ltd., which is one of the largest global manufacturers and suppliers of steel and iron and pipe products. Jindal SAW’s principal products include large diameter submerged arc pipes and spiral pipes for the energy transportation sector; carbon, alloy, and stainless steel seamless pipes and tubes for use in industrial applications; and ductile iron pipes for water and wastewater transportation. For the fiscal year ending 31 March 2014, Jindal SAW reported revenues of US$1.1 billion.
