Tenaris Acquires Benteler Plant in Louisiana; Street Sees 87% Upside
Steel manufacturer Tenaris S.A. (TS) has agreed to acquire a steel and tube pipe manufacturing plant in Louisiana from Benteler North America Corp. The latter is a group company of Benteler. Tenaris is acquiring all shares of Benteler Steel Tube Manufacturing Corp. at a transaction price of $460 million. The transaction also includes working capital of $52 million. The acquisition, which is subject to approval, is anticipated to close in the fourth quarter of 2022. The acquired plant has a pipe rolling capacity of 400,000 metric tons annually. Most importantly, the move bolsters Tenaris’ production range and presence in the U.S.
Tenaris Acquires Benteler Plant in Louisiana; Street Sees 87% Upside
Steel manufacturer Tenaris S.A. (TS) has agreed to acquire a steel and tube pipe manufacturing plant in Louisiana from Benteler North America Corp. The latter is a group company of Benteler. Tenaris is acquiring all shares of Benteler Steel Tube Manufacturing Corp. at a transaction price of $460 million. The transaction also includes working capital of $52 million. The acquisition, which is subject to approval, is anticipated to close in the fourth quarter of 2022. The acquired plant has a pipe rolling capacity of 400,000 metric tons annually. Most importantly, the move bolsters Tenaris’ production range and presence in the U.S.