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Luxembourg-based steel tube producer Tenaris has announced that it has entered into a definitive agreement to acquire the Netherlands-based pipe coating business Bredero Shaw International from Canada-based Mattr for $166 million.
Bredero Shaw International has nine plants located in Canada, Mexico, Norway, Indonesia, the UAE and the US. The business also includes R&D facilities in Toronto and Norway and a wide product portfolio.
The transaction is subject to regulatory approvals in Mexico and Norway and closing is expected to be completed within approximately six months.
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