Tenaris is now the sole owner of Socotherm Brasil, having bought out Socotherm America's 50% share.
The Socotherm Brasil coating facility, located beside the Confab welded pipes mill in Pindamonhangaba, São Paulo, was previously managed in partnership by Tenaris and ShawCor, Socotherm America's parent company. Participation in the company to date was split equitably by Tenaris and Socotherm Americas.
All coatings, which are produced in the welded pipes facility, will be marketed under the Tenaris brand.
When the sale was announced in December 2013, ShawCor announced that it expected to net approximately US$30 million, with a further potential earn out based on future performance.
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