Vallourec Enhances Its Line Pipe Coating Solutions with the Acquisition of Thermotite do Brasil

Meudon (France), September 16, 2024 – Vallourec, a leader in premium seamless tubular solutions, has agreed to acquire 100% of Thermotite do Brasil Ltda. from Mattr for $17.5 million. This acquisition focuses on thermal insulation pipe coating services for the offshore oil and gas industry. The price is on a cash-free, debt-free basis, subject to customary adjustments.

Thermotite's facility is located within Vallourec’s existing premises in Serra, Espirito Santo State, Brazil. The acquisition supports Vallourec’s strategy to offer more integrated solutions and enhance its expertise in offshore, particularly deepwater markets.

Philippe Guillemot, CEO, stated that the acquisition complements their anti-corrosion solutions and strengthens their presence in Brazil, positioning them to capitalize on growing demand for premium tubular solutions.

The transaction is subject to customary closing conditions, including regulatory approvals. Vallourec aims to deleverage in the latter half of 2024 and commence shareholder returns by 2025.