- Tenaris has acquired a 47.79% of the shares of Saudi Steel Pipe Company (SSP)
- Tenaris will begin consolidating SSP’s results as from January 21, 2019
JEDDAH: Global tube manufacturer and supplier Tenaris has acquired a 47.79% of the shares of Saudi Steel Pipe Company (SSP), for approximately US$141 million.
SSP, a welded steel pipes producer listed on the Saudi stock market, has facilities in the Eastern Province in Saudi Arabia, with a manufacturing capacity of 360,000 tons per year.
Mariano Armengol, the CEO of the Luxembourg based company, will become the Managing Director and CEO of the Saudi company.
Tenaris will begin consolidating SSP’s results as from January 21, 2019, the company said in a statement.
The acquisition means Tenaris expects to expand its industrial presence in Saudi Arabia, one of the largest markets for oil pipes.