International welding group Serimax has been acquired by Vallourec, world leader in premium tubular solutions, in a €150 million (£130M) deal.
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.
Serimax chief executive officer, David Williams, said the deal brings a multitude of benefits to the welding group and its clients. He said: “It is business as usual for Serimax and we will continue with our current growth strategy and organisational structure. Our existing customers can be assured that this deal offers many advantages to their own business and we will be able to improve on the level of service, skills and technology that they currently receive.
“Vallourec has built its success with a strong focus on technology which aligns with our own commitment to research and development. Combining both company’s technologies will make a real difference to the market and offers us exciting opportunities to think differently about how we package solutions for clients.
“Vallourec’s strong corporate culture for services and solutions along with an outstanding commitment to innovation is a perfect fit for us to continue developing our vision of being the international full services welding partner of choice. We will benefit from Vallourec’s multi-industry footprint while its substantial resources will support our growth and diversification plans.”
Philippe Crouzet, Chairman of Vallourec Management Board, stated: “Serimax’s welding expertise is a strong fit with our strategy of providing premium tubular solutions for the oil and gas industry.
“Recognised for its experience in major international line pipe projects, Serimax has a reputation for quality, service and innovation and a strong commitment to R&D. Its welding services combined with our line pipe offering for deep offshore fields will broaden Vallourec’s global solutions offer.”
The purchase price amounts to €150 million. The acquisition which is subject to customary regulatory approvals 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.
Note to Editors
Serimax is an international full service welding company, which plans, designs, manages and provides fully integrated offshore welding solutions in the most extreme conditions and challenging environments.
Serimax has sales and operational centres in seven countries; in France (Villepinte, Mitry-Mory and Villers-Cotterêts), in Scotland (Evanton and Aberdeen), in the US (Houston), in Singapore, in Malaysia (Pasir Gudang), in Russia (Meshkovo), and most recently in Brazil (Rio de Janeiro).
Vallourec is a world leader in premium tubular solutions primarily serving the energy markets, as well as other industrial applications.
With over 18,000 employees, integrated manufacturing facilities, advanced R&D, and presence in more than 20 countries, Vallourec offers its customers innovative global solutions to meet the growing energy challenges of the 21st century.
Listed on NYSE Euronext in Paris (ISIN code: FR0000120354) and eligible for the Deferred Settlement System, Vallourec is included in the following indices: MSCI World Index, Euronext 100 and CAC 40.
Issued on behalf of Serimax Group by Sure Public Relations. For further information please contact Stephen Rafferty or +44 (0)7980 598764 or email email@example.com