TMK (RTS ticker: TRMKG) purchased 100% of the German company's charter capital in accordance with its expansion strategy, the company said in a statement.
Sinara Handel GmbH holds controlling stakes in Romania's pipe producer SC ARTROM SA and metal works SC C.S.R. SA.
TMK Pipe Metallurgical Company is the world's second largest steel pipe producer and the third biggest seamless pipe manufacturer for the oil and gas sector. Established in 2001, TMK is the largest holding in Russia's pipe production industry, accounting for about 44% of domestic pipe output. The company produced 2.86 million metric tons of pipes in 2005, of which exports totalled 750,000 metric tons.
TMK supplies products to more than 60 countries, with clients including Shell, Total and Repsol. Domestically, the company produces pipes for natural gas giant Gazprom, state-owned oil major Rosneft, oil firms TNK-BP, Lukoil, Sibneft and others. Apart from the oil and gas industries, TMK supplies pipes to the chemical and petrochemical, machine-building, energy and construction sectors.
TMK Steel Limited and Dalecone Limited are the company's core shareholders.
