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Maverick Tube To Acquire Companies

Maverick Tube Corporation, St. Louis, MO, has agreed to acquire Tubos del Caribe S.A., a Colombian manufacturer of oil country tubular goods and line pipe; substantially all of the equity interests in Consorcio Metalurgico Nacional S.A. ("Colmena S.A."), a Colombian manufacturer of steel electrical conduit and other pipe and tube products used in a variety of industrial applications; and Advance Corp., a Houston, Texas - based distributor of OCTG and electrical conduit. The purchase price, a total of $186 million including approximately $30 million of assumed debt, will be paid through a combination of cash at closing, a $15 million unsecured promissory note and an escrow.

Maverick anticipates that the acquired companies will contribute approximately $40 million in annual EBITDA at their current run-rate, excluding synergies. It further expects that the combination will be accretive to earnings per share from day one and give rise to a number of combination benefits.

"Each of these companies has an outstanding reputation in its home markets, a demonstrated ability to export its products to North America and other parts of the world, and an impressive trend of growth and profitability," said C. Robert Bunch, Maverick's Chairman and CEO.

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