Vallourec Completes Sale of Heat Exchanger Tube Business
05/02/2016 - French tubemaker Vallourec has closed on its divestment of its heat exchanger tube business, the company has announced.
Vallourec sold the business, Vallourec Heat Exchanger Tubes (VHET), to American Industrial Acquisition Corp., which specializes in turning around distressed businesses. As a holding company, it owns 20 businesses in 13 countries and has a strong presence in France, according to Vallourec.
“By joining AIAC … VHET will be in an optimal position to ensure its growth,” the company said in a statement.
It will now market its products and services under the brand NEOTISS, it said.
Founded in 1976, VHET, whose consolidated revenue stands at approximately EUR100 million, specializes in producing titanium and stainless steel welded tubes for secondary systems in conventional and nuclear power plants. Its tubes also are sold into the desalination, chemical, industrial and automotive markets.
It employs 600 people across five production sites in France, the U.S., India and China. In addition, the company employs 100 people at two joint ventures in Korea and China.
“By joining AIAC … VHET will be in an optimal position to ensure its growth,” the company said in a statement.
It will now market its products and services under the brand NEOTISS, it said.
Founded in 1976, VHET, whose consolidated revenue stands at approximately EUR100 million, specializes in producing titanium and stainless steel welded tubes for secondary systems in conventional and nuclear power plants. Its tubes also are sold into the desalination, chemical, industrial and automotive markets.
It employs 600 people across five production sites in France, the U.S., India and China. In addition, the company employs 100 people at two joint ventures in Korea and China.
