International welding group Serimax has been acquired by Vallourec, world leader in premium tubular solutions, in a €150 million ($198 million) deal announced April 28.
Vallourec is listed on NYSE Euronext in Paris, with a market capitalisation exceeding €8bn. The energy markets – oil and gas, power generation and petrochemicals – represented 84% of the total of Vallourec’s € 4,465 million sales in 2009.
With a presence in more than 20 countries and employing more than 18,000 people, Vallourec operates integrated manufacturing facilities and advanced research and development to provide innovative solutions for its customers.
The acquisition complements Vallourec’s existing line pipe operations and the deal means the two companies will be able to offer combined pipe manufacturing and welding services.
Serimax is a €150 million plus turnover business which provides full service welding and fabrication for marine pipelines, spoolbase and landlines. It employs 800 staff, has welding workshop facilities in the US, France, UK and Malaysia, and last year completed 50 projects in more than 20 countries.
Serimax will continue as an autonomous business unit within the Vallourec Group and will continue to provide welding for all types of pipes and clients.
The acquisition is subject to customary regulatory approvals and will be financed out of available liquidity. The main vendors of Serimax are Lime Rock Partners and 4D Global Energy Development Capital Fund, who purchased Serimer DASA from Stolt Offshore in 2004.