Basque region, Spain-based seamless stainless steel pipe producer Tubacex has announced that it has reached an agreement with Indian company Prakash to acquire 68 percent of its seamless stainless steel tube division. Therefore, Tubacex will improve its position in the fastest growing markets, with particular emphasis on Asia, where the company is increasing its commercial presence by strengthening its sales team.
As a result of its recent acquisitions, Tubacex has become the leading manufacturer of seamless stainless steel tubes worldwide and has industrial platforms in Europe, America and Asia.
"After the integration of Italy-based IBF with factories in Italy and China, we are now strengthening our presence in Asia with the acquisition of Prakash. We are fully aware of the market situation, with the fall in oil prices and slowdown in investment, but this is a strategic medium- and long-term decision that will enable us to increase our presence in the market and our proximity to clients," said Jesús Esmorís, CEO of Tubacex.