Tenaris expands in Romania by taking over largest local pipemaker Artrom

The world's largest producer of oil drilling pipes, Tenaris, announced it entered an agreement to take over Artrom Steel Tubes, the most important Romanian producer of seamless steel pipe. The deal is for an aggregate purchase price of EUR 86 million and will be conducted on a cash-free and debt-free basis, including a normalised level of working capital.

Artrom, part of the Russian TMK group before the Western sanctions, is operating a pipe factory in the Slatina plant and a steel mill in Reșița, with combined revenues of EUR 400 million and 2,000 employees.