Tenaris entered into an agreement with General Electric Company (GE), under which it will sell the business pressure control (acquired as part of the transaction from Hydril) to GE for an amount equivalent to US$1,115 million. The agreement is subject to government approvals, regulations and other customary conditions.
From the purchase of Hydril in May 2007, Tenaris has integrated the business of connections of the newly acquired company in yours of tubular and managed the pressure control business of Hydril separately. The pressure control business of Hydril manufactures, sells and offers pressure control products and systems that control and contain fluid and gas pressure during drilling, completion and maintenance of wells of gas and oil in difficult environments.
Paolo Roca, President and Ceo de Tenaris, commented: The pressure control business of Hydril has excellent technology, has a great team and solid prospects but their synergies are limited with our tubular business. We believe your opportunities will be will benefit within GE, as part of its growing oil and gas business, and that this transaction responds to the best interests of your employees and customers, and our Investors
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