Saudi Steel Pipe Unit to Sell Operating Assets to Koch Chemical
Ternium Saudi Steel Pipe Co has inked a definitive asset purchase agreement with Koch Chemical Technology Group Saudi Arabia Limited to sell its core operating assets. Saudi Steel Pipe Company announced that “It’s wholly owned subsidiary Titanium Steel & Manufacturing Co Ltd has entered into a definitive asset purchase agreement with Koch Chemical Technology Group Saudi Arabia Limited for the sale of its main operating assets. The transaction price is USD 9.7 million (Equivalent to SAR 36.3 million) to be paid in cash on closing. The transaction, which is subject to certain approvals, including approval by the General Authority for Competition, is expected to close within the third quarter of 2021.”
TenarisSaudiSteelPipes is a leading manufacturer and supplier of electrically resistance welded steel pipes for the energy, industrial, and construction segments of the Middle East and North Africa. SaudiSteelPipes offers oil and gas customers a full range of products including Oil Country Tubular Goods, Line pipe, API and Premium Connections and related accessories and services. It also serves customers in the industrial and construction segment with a wide range of black and galvanized pipes. It’s facilities are located in the Second Industrial City of Dammam, in addition to a commercial office in Riyadh, and a service and distribution network covering more than 20 countries.