South West | Industry, manufacturing

NLMK buys US pipe firm for $3.6bn

14 Aug '08
The Novolipetsk Steel Company (NLMK) has bought American pipe firm John Maneely Company (JMC) for $3.6bn from US direct investment fund Carlyle Group and the Zekelman family.

The firm financed the move mainly with borrowed funds, including a $1.6bn pre-export loan and $2bn of BRIDGE-funding provided by loan firms Merrill Lynch, Deutsche Bank and Societe Generale.

The company said it planned to integrate JMC with US hot roll manufacturer Duferco Farrell, part of a JV set up by NLMK and US investment outfit Duferco Steel Invest & Finance.

Experts believe the purchased asset was underpriced. Carlyle Group’s director for global communications Christopher Willman said the Fund was satisfied with the price and denied it was low.
Publish in Twitter
Write to Facebook
Google Buzz
Write to LiveJournal
Show in MM
Share MK
COMMENT ON THIS STORY
Find Related Content

Locations:

Latest News: South West
27 Apr '20 | Technology & innovation
19 Nov '19 | Technology & innovation
 

Feature stories

21 May '20
Russian and Italian researchers have developed a...
5 Apr '20
To extend the service life of medical fabric masks—an...
26 Feb '20
A Russian developer has come up with its own...
Search (News archive - 21984)

World of the Future, World of AI

Luc Jones: A Guide to Doing Business in Russia and the CIS Countries
Why Russians Don't Smile
Advertising
Venture_Russia_2019_eng
Advertising
NATT
Advertising
Marchmont News

Latest News

22 May '20
The Russian Cabinet is mulling over possible...
20 May '20
Sberbank, Visa and a Russian retail partner are about...
19 May '20
A beta-version of Russia’s first banking app to help...

Most read stories from last week

22 May '20
SensoMed, a resident of the Skolkovo Foundation's...
22 May '20
The Russian Cabinet is mulling over possible...