Nov. 21, 2013
Acquisition of Edgen Group, an U.S. based Energy Materials and Pipe Distributor,Completed
Sumitomo Corporation (head office: Chuo-ku, Tokyo; President & CEO: Kuniharu Nakamura) and Sumitomo Corporation of America (head office: New York, US; representative: Kazuhiro Takeuchi), (hereinafter collectively referred to as “the Sumitomo Corporation Group”) are pleased to announce that the filing procedures required under the Anti-Monopoly Act have been completed for the acquisition originally announced on October 2, 2013 of Edgen Group Inc. (head office: Louisiana, US; representative: Daniel J. O’Leary; hereinafter referred to as “Edgen Group”), U.S energy-related steel products distributor, and that all outstanding shares of Edgen Group have been successfully acquired as planned for US$12 per share.
As global energy demand rises, solid growth is also expected in the demand for the steel pipes and other steel materials needed for energy development/production. The Sumitomo Corporation Group is seeking through this acquisition to establish a foundation for growth in the steel pipe business for midstream and downstream energy markets, to reinforce its North American OCTG business and to enhance its sales of steel plates/pipes to the energy sector. Sumitomo Corporation group aims to broaden its scope of services further into the value chain of the industry in order to enhance its capabilities to respond to ever heightening customer needs.
|[Profile of Edgen Group Inc.]|
|Address||：||Baton Rouge, LA, USA|
|Total sales||：||US$2,059 million (FY2012)|
|Shareholder Composition||：||(Before acquisition)||Jeffries Capital Partners 55.6%|
|general shareholders 44.4%|
|(After acquisition)||Sumitomo Corporation Group 100%|