TMK of Russian billionaire Dmitry Pumpyansky plans to increase its share in the authorized capital of a large pipe dealer and pipeline insulation manufacturer Uralchermet from 26% to 75%. This was reported in Kommersant.
The Federal Antimonopoly Service (FAS) of Russia received a petition from the structure of the TMK holding TMK Neftegazservice to acquire 75% of the company's voting shares. TMK now owns a 26% stake in Uralchermet through the Seversky Pipe Plant. This deal was closed in 2017. Then the TMK representative explained the deal by “strengthening the company's vertical integration chain in terms of pipe coating” and estimated “costs at the first stage of the transaction” at less than 0.01% of consolidated EBITDA for 2016. Adjusted EBITDA reported for this year was US $ 530 million.
TMK declined to comment on the filing of a new petition. A source close to the company confirmed plans to gradually increase the share.
JSC Uralchermet is one of the largest suppliers of pipe products in the Russian Federation and a multifunctional production complex for applying PU foam insulation and anti-corrosion coating to steel pipes.
