01 October 2013 16:48 [Source: ICIS news]
HOUSTON (ICIS)--Japan’s Sumitomo has agreed to acquire US-based specialty products distributor Edgen Group for $12/share (€9/share) in cash, the companies announced on Tuesday.
Edgen Group is a global distributor of specialty products to the energy and infrastructure markets, including steel pipe, valves, quench and tempered and high yield plate. The company has two commercial brands, Edgen Murray and Bourland & Leverich, and had total sales of $2.059bn in 2012.
“The investment in Edgen Group will represent further expansion of Sumitomo’s distribution presence across the upstream, midstream and downstream oil and gas markets and other related energy and infrastructure segments and will complement Sumitomo’s integrated supply solutions to the growing energy market,” said Kazuhiro Takeuchi, president and CEO of Sumitomo’s American subsidiary.
Sumitomo consists of nearly 800 companies with core business units in metal products, transportation and construction systems, environment and infrastructure, energy, chemicals and electronics.
($1 = €0.74)
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