Tenaris closes acquisition of 47.79% of Saudi Steel Pipe shares
Tenaris S.A. announced that it closed its previously announced acquisition from a private group of 47.79% of the shares of Saudi Steel Pipe Company, a welded steel pipes producer listed on the Saudi stock market, for a total amount of $141M. Upon the closing of the transaction, four Tenaris's nominees were appointed as new members of SSP's board of directors. In addition, SSP's board of directors appointed Mariano Armengol, a senior executive with Tenaris, as managing director and chief executive officer of SSP. Tenaris will begin consolidating SSP's results as from January 21, 2019. As a result of the transaction, Tenaris expects to expand its industrial presence in the Kingdom of Saudi Arabia. "Since its first industrial investment in the Kingdom in 2010, Tenaris has continuously invested to expand its local operations, supporting the industrialization of the country," it said in a statement.