TUBACEX, the multinational group that manufactures stainless steel and high-alloyed seamless tubes, has completed the acquisition of 68 percent of the seamless stainless steel tubes division of the Indian company, Prakash Steelage. With this acquisition, TUBACEX, which is a Spanish company, will also maintain a purchase option on the remaining 32 percent.
Prakash’s seamless stainless steel tubes division, which is located close to Mumbai, employees 250 people and has a turnover of approximately 25 million Euros.
This acquisition, which takes place months after the integration of IBF in the Group, responds to the company’s Strategic Plan focused on growth. Prakash’s integration in the group will help strengthen TUBACEX’s position within the Asian market and recover its market share in certain standard products.
As a result of the recent acquisitions, TUBACEX has become a worldwide manufacturer of seamless stainless steel tubes and has industrial platforms in America, Europe and Asia.