Russia’s Novolipetsk Steel has signed a definitive agreement to acquire U.S.-based steel pipe and tube manufacturer John Maneely Co. (JMC) for $3.53 billion. JMC is the largest independent tubular manufacturer in North America with the most diverse product platform in the North American pipe and tube industry. JMC owns Wheatland Tube Co., which has facilities in Wheatland and Sharon, both in Mercer County, Pa. JMC, which combined with Canada’s Atlas Tube Inc. in December 2006, is based in Beachwood, Ohio, a suburb of Cleveland. Through Wheatland and Atlas, JMC maintains a leading North American market position for hollow structural sections, standard pipe and electrical conduit.
JMC operates 11 plants in five U.S. states and one Canadian province with a total annual production capacity of more than 3 million tons of steel pipe and tube. The company is predicted to have sales of $3 billion in fiscal 2008. Novolipetsk already operates two manufacturing facilities in the U.S. through its joint venture with Duferco Group – Duferco Farrell Corp. and Sharon Coating, LLC.
Novolipetsk to Acquire JMC for $3.53 Billion
August 15, 2008