Salzgitter subsidiary acquires stainless steel tube maker Sotep
A subsidiary of German steelmaker Salzgitter, Mannesmann Stainless Tubes, has acquired French stainless steel tube manufacturer Société Technique d’Etirage de Précision (Sotep).
The acquisition will see Mannesmann Stainless Tubes extend its product portfolio and sales markets, Salzgitter said on Tuesday May 22.
All parties involved in the deal agreed not to disclose the purchase price.
The selling shareholders were private equity fund Orium, which owned 70% of the shares, and Sotep founders Gabriel Pons and Pascal Lebas, who each owned 15% of the shares.
Sotep is a specialist supplier of cold-finished seamless stainless steel tubes, and provides premium materials to sectors such as aerospace, power generation, and oil and gas. The company operates a plant in Issoudun, France, which generated a turnover of more than €10 million ($11.76 million) in 2017.
Mannesmann Stainless Tubes is itself a maker of seamless stainless tubes, operating plants in Germany, France, Italy and the United States.