In a moved to strengthen its position in the US market, Vallourec, the French producer of seamless steel tubes, is to acquire three firms from Houston, Texas-based Grant Prideco, the US provider of tubular products, for $800m.
The three companies - Atlas Bradford Premium Threading & Services, TCA and Tube-Alloy - had combined sales of $229m over the past 12 months.
Atlas Bradford is a supplier of Premium Oil Country Tubular Goods (OCTG), pipe and tube products used in petroleum industry, such as drill pipe, pipe casings, and oil pipes.
TCA specialises in heat treatment operations and markets high-grade tubular products with a focus on short lead time orders. TCA will provide Vallourec with additional premium capacity, as well as a specific expertise in so-called sour services.
For its part, Tube-Alloy produces and repairs down-hole tubular accessories for the oil & gas industry, and specialises in complex threading and machining for custom made orders.
The purchase agreement is subject to the usual customary regulatory approvals.