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Pipe, Valves & Fittings News
Novolipetsk Steel (NLMK), the leading Russian steel producer, has signed a definitive agreement to acquire U.S. steel pipe and tube manufacturer John Maneely Co. (JMC) from a shareholder group including global private equity firm The Carlyle Group and the Zekelman family for $3.53 billion, acquiring the company on a debt-free, cash-free basis. The transaction is subject to customary regulatory approvals and is expected to close in the fourth quarter of 2008.
JMC is the largest independent tubular manufacturer in North America, with holdings that include the Wheatland and Atlas Tube divisions, and Seminole Tubular Products. During Carlyle's ownership, sales increased by $800 million, a 36% percent rise, from $2.2 billion in fiscal 2006 to an estimated $3 billion in fiscal 2008.
Formed through the combination of John Maneely Co. and Atlas Tube in December 2006 and headquartered in Beachwood, OH, JMC operates 11 plants in five U.S....