Spain-based stainless steel seamless tube manufacturer Tubacex has sold Tubos Mecanicos to the Galician metallurgical group Hierros Anon for Euro 25 million with final additional adjustments to be included, according to a company statement.
With this acquisition, Tubacex has disinvested in a non-strategic asset to reinforce its balance sheet and address its future growth in line with the energy transition, the Spain-based company said Dec. 23.
This growth is one of the main lines of the new strategic plan that Tubacex will present to the market in early 2022, it said.
“Tubacex’s new strategic plan, which will be presented in the first quarter of the year, is focused on supplying innovative solutions that support the decarbonization process of its clients, or the entry into developing markets,” the company said. “To do this, it contemplates investments in strategic assets that boost its positioning, as well as divestments in those businesses that do not support its new growth cycle.”
Tubos Mecanicos is a distributor of carbon steel bars and tubes purchased from third parties for industrial sectors, with six warehouses in Barcelona, Zaragoza, Alava, Galicia, Madrid and Valencia.
This acquisition strengthens the leadership of Hierros Anon in the distribution of steel products – iron, steel and aluminum- particularly in the national market, it said.
Tubacex is a multinational group with its headquarters in Alava, Spain, and a global leader in the manufacture of stainless steel and high-alloy tubular products. It also offers a wide range of services from the design of tailored solutions to installation and maintenance operations.
It has 20 production plants (in Spain, Austria, Italy, the US, India and Thailand, as well as Saudi Arabia, Dubai, Norway, Canada and Singapore through the NTS Group), worldwide service centers and sales offices in 38 countries.
— Cenk Can