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Russia’s TMK closes deal on selling its US subsidiary to Tenaris

Under the deal, starting from January 2, 2020 Tenaris will be the exclusive distributor of TMK’s OCTG and line pipe products in the United States and Canada for six years

MOSCOW, January 3. /TASS/. Russia’s TMK steel pipe manufacturer has closed the deal on selling its US subsidiary IPSCO Tubulars to global producer Tenaris.

"The final amount paid in cash, following contractual adjustments, was US$1,067 million (including approximately US$220 million in working capital)," Tenaris said in a statement.

Under the deal, starting from January 2, 2020 Tenaris will be the exclusive distributor of TMK’s OCTG and line pipe products in the United States and Canada for six years.

The transaction on sale of IPSCO Tubulars to Tenaris for $1.2 bln was announced in March 2019. The companies hoped to close the deal by the end of 2019, but the US Department of Justice cleared the acquisition in late December.

IPSCO Tubulars has pipe production facilities in the US and Canada. After closing the deal, TMK’s management plans to revise its dividend policy stipulating that the company pays at least 25% out of consolidated net profit according to the International Financial Reporting Standards. This decision is aimed at making it "more stable and predictable."

TMK is a major Russian manufacturer and supplier of steel pipes for oil and gas industry, which is ranked among top three global leaders in this sector. Dmitry Pumpyanskiy, Chairman of TMK, owns 65.05% of the company through TMK Steel Holding Ltd.

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