VALLOUREC TO SELL LOGISTICS GROUP (INDONESIA) FOR €20 MILLION
Meudon (France), November 25, 2024 - Vallourec, a world leader in premium seamless tubular solutions, announces today that it has entered into an agreement to sell its c. 99% participation in PT CPPI and PT SCN ("Logistics Group") to CKB Logistics, a subsidiary of ABM Investama Tbk, for approximately €20 million, of which €2.9 million will be paid via an earn-out.
Based in Batam, Indonesia, Logistics Group provides integrated port and logistics services to a growing variety of energy, industrial, construction and logistics clients, including Vallourec. Logistics Group is predominantly owned by PT Citra Tubindo, Vallourec's Indonesian subsidiary specialized in heat treatment and premium threading. The transaction is expected to close in the fourth quarter 2024, subject to customary closing conditions including necessary regulatory approvals. Vallourec will continue to use Logistics Group's services following the transaction close under similar contractual terms.
Philippe Guillemot, Chairman of the Board of Directors, and Chief Executive Officer commented: "The divestment of Logistics Group aligns with our strategy of refocusing on our core business and optimizing our capital employed. This transaction furthers our goal of creating a leaner, more agile asset base. I would like to thank the Logistics Group employees for their commitment to excellence as part of Vallourec. We look forward to our ongoing collaboration."
About Vallourec
Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec's pioneering spirit and cutting-edge R&D open new technological frontiers. With close to 14,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible.
Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for Deferred Settlement Service.
In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R4074, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.
For further information, please contact:
Investor relations:
Connor Lynagh
Tel: +1 (713) 409-7842
connor.lynagh@vallourec.com
Individual shareholders:
Toll Free number
Press relations: Taddeo
Romain Grière
Tel: +33
Nicolas Escoulan
Tel: +33
Attachment
- Vallourec_Press Release_Logistics Group (https://ml-eu.globenewswire.com/Resource/Download/c010956a-4fdf-46f7-86b2-5391ca4e5f8a)
