Dow Jones reported that French seamless tube maker Vallourec SA has agreed to buy Dubai based DPAL FZCO, a supplier of drill pipes, from Soconord Group, improving Vallourec's position in the drilling products market in the Middle East. Main facts of the deals are as follows:
1. No financial details about the transaction or DPAL FZCO were disclosed
2. DPAL FZCO has an annual production capacity of 25,000 joints
3. The agreement is subject to regulatory approval and the closing of the deal is expected to take place shortly
Mr Philippe Crouzet CEO of Vallourec said that "The acquisition of DPAL FZCO is a perfect example of our strategy of targeted acquisitions to strengthen our position in growing markets, especially in high value added segments of the oil industry such as drilling products."
(Sourced from www.steelguru.com)
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