International Steel Mills
Jindal SAW to Acquire Mississippi Pipe Maker PSL North America
Written by Sandy Williams
August 27, 2014
Jindal SAW Ltd, through its subsidiary Jindal Tubular USA LLC, will acquire all of pipe and tube producer PSL North America LLC in a bankruptcy purchase agreement.
The purchase price was undisclosed but assets of PSL North America and PSL USA (which owns a majority stake in PSL North America) were listed at $50 million each with debt of $130 million in the Chapter 11 document filing. According to court documents, PSL USA offered to sell all of its assets to Jindal Tubular for $100 million.
In June, PSL North America and PSL USA entered a voluntary petition for relief under Chapter 11 with the US Bankruptcy Court for the District of Delaware. Jindal Tubular entered a purchase agreement with PSL on August 16, following court approval. The acquisition is expected to conclude at the end of August.
PSL North America, a Mississippi-based manufacturer of large diameter, high pressure steel pipe, is an American and Indian joint venture controlled by PSL SAW Ltd in Mumbai. Jindal SAW is a leading pipe and tube maker in India and one of India’s largest producers of submerged arc welded (SAW) pipe.
Sandy Williams
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