TMK TO COMPLETE ACQUISITION OF ORSK ENGINEERING PLANT IN FEB
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[November 13, 2006]

TMK TO COMPLETE ACQUISITION OF ORSK ENGINEERING PLANT IN FEB

(Interfax News Agency Via Thomson Dialog NewsEdge) Pipe Metallurgical Company (TMK), Russia's biggest pipe producer, expects to close a deal to buy 75% of the Orsk Engineering Plant in the Orenburg region by January 31, 2007, TMK said.

TMK in August entered into an agreement to buy the 75% stake in the Orsk plant for $45.5 million from the Sinara group. Under the terms of the deal, TMK is supposed to pay this amount by December 1, and Sinara is supposed to transfer the shares to TMK by January 31.



The Orsk plant makes products for the oil and gas industry and for agriculture. Its main products are joints for drilling pipes, spare parts for drilling pumps, adapters for drill pipe string, couplings, hydraulic cylinders, gas tanks and fire extinguishers.

The plant increased production by 28.6% in the first eight months of 2006. The biggest increase in output was 39.9% for drilling joints, to over 118,000 sets.



TMK is the second biggest producer of steel pipes in the world and the third biggest producer of seamless pipes for the oil and gas sector. The company produces an estimated 44% of Russia's steel pipes.

Copyright 2006 Interfax News Agency. Source: Financial Times Information Limited.

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