SHREVEPORT, La. -- The Benteler Group is selling its steel tube plant in Shreveport to Tenaris, a Luxembourg-based company, for $460 million.

The sale announced Thursday is subject to regulatory approvals and is expected to be completed by the end of 2022. Tenaris is a leading global manufacturer and supplier of steel pipe products and related services for the world’s energy industry and other industrial applications.

"It is part of our corporate culture to constantly evolve. The sale of the steel tube plant in Shreveport makes the Benteler Group even stronger, more flexible and financially more resilient," said Ralf Göttel, Benteler Group CEO. "We successfully completed the ramp-up of the Shreveport plant in 2020. Today, the Shreveport plant is one of North America’s most modern and efficient steel tube plants. The plant is thereby able to realize its full potential in the context of the strong oil and gas market in the US.”

Göttel continued: "We are convinced that we have found an excellent strategic buyer. As part of the Tenaris Group, the Shreveport plant and its employees would benefit from market developments and sustainable future growth."

In the coming months, the Benteler Group and Tenaris will work to prepare a smooth transition. 

The transaction is also subject to approval by the U.S. antitrust authorities, consent by Louisiana Economic Development and other local entities, and other customary conditions. Closing is expected to occur during the fourth quarter of 2022.

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