.gif?width=220&height=200&mediaprotectionhash=b13da841472e6e7ed500ee35df2a350aaf53d75246118b33ea2095cc7e9a3fc4&ext=.gif)
Tenaris Acquires Control of Seamless Pipe Indonesia Jaya
05/01/2009 - Tenaris SA completes its acquisition of a 77.45% holding in OCTG processor Seamless Pipe Indonesia Jaya for a purchase price of US$72.5 million.
Tenaris SA has completed the previously announced acquisition of a 77.45% holding in Seamless Pipe Indonesia Jaya (SPIJ) from Bakrie & Brothers TbK, Green Pipe International Limited, and Cakrawala Baru.
Tenaris is paying a purchase price of US$72.5 million for its controlling interest in the Indonesian processor of oil country tubulars. A portion of the total—US$ 24.9 million—is payable as consideration for SPIJ's equity, and US$ 47.6 million as consideration for the assignment of certain sellers' loan to SPIJ.
Seamless Pipe Indonesia Jaya operates heat treatment and premium connection threading facilities. With an annual processing capacity of 120,000 tonnes, the company has had a commercial alliance with Tenaris for more than a decade. The acquisition would allow Tenaris to strengthen its global production capabilities and its local presence in Indonesia, one of the world's leading producers of LNG.
Tenaris is a leading global supplier of steel tubes and related services for the world's energy industry and certain other industrial applications.
Seamless Pipe Indonesia Jaya employs around 500 persons and had revenues of approximately US$140 million in 2008.
