Economy
October 3, 2013
Japanese Sumitomo Purchases Edgen Group
Written by Sandy Williams
Specialty pipe maker Edgen Group Inc., based in Baton Rouge, has been purchased by Japan-based Sumitomo Corporation for $12 per share. The acquisition is valued at $520 million and is expected to close by the end of the year.
“The investment in Edgen Group will represent further expansion of Sumitomo’s distribution presence across the upstream, midstream, and downstream oil and gas markets, and other related energy and infrastructure segments and will complement Sumitomo’s integrated supply solutions to the growing energy market,” said Kazuhiro Takeuchi, President and CEO, SCOA and SC General Manager for the Americas.
