International Steel Mills
August 27, 2014
Jindal SAW to Acquire Mississippi Pipe Maker PSL North America
Written by Sandy Williams
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.
