Hilong has successfully completed the acquisition of Texas Internal Pipe Coating LLC (TIPC). The purchase agreement was signed on February 14, 2014 with the deal completed March 26.
Located in Texas, TIPC is a company primarily dealing with OCTG coating services. With state of the art equipment, TIPC is capable of providing coating services for pipes with internal diameters ranging from 2” to 12.75” at current coating capacity of one million meters. TIPC utilizes the most environmentally friendly processes available, providing a variety of powder-based coating services to meet specific customer requirements.
“The transaction represents Hilong’s next successful step into North American markets since the establishment of a coating plant in Canada in 2013.” President Zhang Jun said: “The acquisition will significantly expand Hilong’s coating services capacity while at the same time leveraging the platform provided by TIPC to further promote the application of advanced powder-based coating services in the industry and particularly in China. These moves will strengthen Hilong’s competitiveness across the international OCTG coating services industry. ”
“We are also targeting the provision of related services for drill pipe customers so as to boost the sale of drill pipe products in the United States through TIPC. We believe the acquisition of TIPC will enhance Hilong’s brand recognition and market influence in North America and can help lay a solid foundation for future development,” he continued.
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