PARIS (AP) — Vallourec, a French maker of steel tubes, said Tuesday it agreed to buy U.S.-based Atlas Bradford Premium Threading & Services, TCA and Tube-Alloy from Grant Prideco for US$800 million (euro555 million).
The three businesses had combined revenue of US$229 million (euro158.9 million) for the 12 months ended Sept. 30.
TCA specializes in heat treatment operations and markets tubular products. Tube-Alloy produces and repairs down-hole tubular accessories for the oil and gas industry and specializes in complex threading and machining for custom-made orders.
The agreement is subject to customary regulatory approvals.
Vallourec shares dropped 2.9 percent to euro205.55 (US$296.29) in Paris.