Spirax Sarco Inc. (SSI) has acquired majority interest in UltraPure Group Ltd. Inc., a Florida-based company that manufactures pure steam generators and water stills for the bio-pharmaceutical industry.
Global seamless pipe producer Tenaris S.A. will acquire Maverick Tube Corp. for $65 per share in cash, it was jointly announced by the two companies. The transaction is valued at $3.185 billion (all prices in U.S. dollars), including Maverick's net debt. The share price represents a premium of approximately 42% to Maverick's closing share price of June 12, 2006, and a premium of approximately 24% to its 90-day average trading price.
Kelly Pipe Co. has opened new facilities in Houston and Chicago. Headquartered in Santa Fe Springs, CA, Kelly operates 11 branches plus 16 stocking locations for industrial PVF.
The U.S. International Trade Commission (ITC) voted in late June to continue the existing countervailing duty order on circular welded pipe and tube from Turkey; the existing antidumping duty orders on circular welded pipe and tube from Brazil, India, Korea, Mexico, Taiwan, Thailand, and Turkey; and the existing antidumping duty order on light-walled rectangular pipe and tube from Taiwan.
The International Stainless Steel Forum has announced that world stainless crude steel production in the first quarter of 2006 stood at a record 6.6 million metric tons.