Techint buys a pipe factory in the United States for $ 460 million

While in Argentina it has decided to supply pipes for the pipeline that will allow the extraction of gas from Vaca Muerta, Tenaris, the pipe manufacturer of the Techint group, has taken another step in this business in the United States. Purchased a pipe plant from the Benteler group Steel and Pipe Manufacturing in Louisiana, for 460 million dollars.

According to the company, the agreement will expand its production range and manufacturing presence in the US market, where it already had several production centers.

Benteler produces seamless steel pipes, with an annual capacity of tube rolling up to 400,000 tons. The acquisition it will include $ 52 million of working capital.

The American company had commissioned the plant, located in the city of Shreveport, in 2020. It is one of the most modern steel tube mills in North America. The sale will strengthen his financial situation, he assured.

Closing should take place during the fourth quarter of this yearafter receiving approval from U.S. regulatory bodies.

Jefferies analysts updated Tenaris stock to “buy” on Thursday. Shares of the company were up 8.8% on Thursday, like other producers related to metals and natural resources.

Tenaris is a giant who it had a turnover of $ 6,500 million in 2021 and employs 23,000 people. In its factories it has a production capacity of 7.3 million tons of seamless and seamless pipes.

Among its main subsidiaries, in addition to the Tenaris plant in Campana, Tamsa (Mexico), Dalmine (Italy), Bay City (USA), AlgomaTubes (Canada), Silcotub (Romania), NKKTubes (Japan) and Confab (Brazil).

Pipes for the pipeline

Last month, after a controversy that included allegations by Vice President Cristina Kirchner and a court investigation which ended up being rejected Tenaris has signed with the Government, through Energía Argentina, the contract for the supply of welded pipes for the President Néstor Kirchner gas pipeline.

The project will allow the plant that the company owns in Valentín Alsina, which was inactive, restart to produce welded tubes.

After three years of very low activity with a workforce of 100 people, the company needs to hire more than 300 new employees. In addition, the plant will begin operating in three shifts and will record record levels not seen since YPF’s Loma La Lata project in 1986.

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