Maverick Tube Corp. completed the acquisitions of Tubos del Caribe S.A., substantially all of the equity interests in Consorcio Metalurgico Nacional S.A. (Colmena S.A.), and Advance Corp. on May 27, 2005.
Tubos del Caribe is a Colombian manufacturer of oil country tubular goods and line pipe; Colmena S.A. is a Colombian manufacturer of steel electrical conduit and other pipe and tube products used in a variety of industrial applications; and Advance Corp. is a Houston-based distributor of OCTG and electrical conduit. The purchase price, a total of $186 million including about $30 million of assumed debt, will be paid through a combination of cash at closing, a $15 million unsecured promissory note and an escrow.