Tubacex of Spain has completed acquisition of 68% of the seamless stainless steel tubes division of Prakash Steelage. Following the Rs 250-crore acquisition announced in February, the Spanish company also maintains a purchase option on the remaining 32%. The integration of Prakash Steelage's stainless steel tubes division will help the Spanish major strengthen its position in the Asian market.
Jesus Esmoris, CEO of Tubacex said the operation strengthens the group's global presence in key markets. "Since we announced the acquisition last February, we have been working on an integration plan for Prakash within the Group's structure, which has allowed us to expand our experience and market knowledge", he said. "We have also worked on an industrial plan that considers capital expenditure that will contribute to a significant increase of the quality of the Tubacex Prakash products, and the growth of its portfolio", Esmoris said.
Tubacex, which has its headquarters in Alava, is a global leader in stainless steel and high-alloyed seamless tubes used in oil and gas, petrochemical and power generation industries, which account for over 90% of Group sales. While it has a sales turnover of over 700 million euros, 95% of its business is outside of Spain. It has production plants in Spain, Austria, China, Italy, the United States and India. The company is listed on the Spanish stock market and is quoted on the Ibex Small Caps.Ajay Sambrani, director, Tubacex Asia and member of the Management Committee of the Group said the acquisition would strengthen the presence of the Group in key markets such as oil & gas, power generation and petrochemical industries, among others.
Currently, 52% of Tubacex's sales are addressed to the Asian market, where the Spanish company has progressively increased its commercial and operational presence, committing to a growing market.
Source: ET
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