Leading seamless pipe maer Vallourec has completed the sale of its industry tube plant in France as part of its strategy to withdraw business from Europe after private equity investor Mutares has successfully closed the acquisition of Vallourec Bearing Tubes. Vallourec Bearing Tubes is a company specialized in manufacturing of seamless steel tubes. As the second largest player in the European bearing tube market, the company supplies its products to various industries such as the automotive, mechanical and oil industries. This acquisition strengthened Mutares’s Engineering & Technology segment as a new investment platform and will operate under the name VALTI in the future. This transaction closed on 31 May 2022.Mutares had signed a put option to acquire Vallourec Bearing Tubes which generates a turnover of around EUR 50 million, in March 2022.Vallourec is exiting Europe. Apart from this divestiture, it is closing permanently its three underperforming German tube rolling mills and transferring the OCTG production to Brazil. Vallourec will retain its threading activities in Europe, consolidating ail of them in Aulnoye, France. Vallourec had earlier decided to divest Vallourec Bearing Tubes plant, which produces seamless precision steel tubes for the industry, within the reshaping strategy.