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Significantly expands coating services capacity and lays a solid foundation for Hilong's future development in the U.S. market
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HONG KONG, Mar 31, 2014 - (ACN Newswire) - Hilong Holding Limited ("Hilong" or the "Group"; stock code: 1623), a leading PRC-based integrated oilfield equipment and services provider, has announced that the Group has successfully acquired all the equity shares of Texas Internal Pipe Coating LLC ("TIPC") with the purchase agreement signed on 14 February, 2014 and the closing completed on 26 March this year.
Located in Texas, U.S., Texas Internal Pipe Coating LLC is a company with the main business of OCTG coating services. With the state of the art equipment, TIPC is capable of providing coating services for pipes with internal diameters from 2" to 12.75" at the current coating capacity of one million meters. TIPC utilizes the most environmentally friendly process available and provides a variety of powder-based coating services to meet the customers' specific needs.
Mr. Zhang Jun, Chairman and Chief Executive Officer of Hilong, said, "The transaction represents Hilong's another successful move in marching into the North American market after the establishment of the coating plant in Canada in 2013. The acquisition will significantly expand the Group's coating services capacity. Meanwhile, we will leverage the platform provided by TIPC to further promote the application of the advanced powder-based coating services in the industry and in China, in particular, and strengthen Hilong's competitiveness in the international OCTG coating services industry. We also target to provide related services to the drill pipe customers and boost the sales of drill pipe products in U.S. through TIPC. We believe the acquisition of TIPC will enhance Hilong's brand recognition and market influence in North America and lay a solid foundation for its future development in the U.S. market."
Contact:
Strategic Financial Relations (China) Limited
Ms. Winnie Lau
Tel (852) 2864 4876 / 90842969
winnie.lau@sprg.com.hk
Topic: Press release summary
Source: Hilong Holding Limited
Sectors: Daily Finance, Daily News
https://www.acnnewswire.com
From the Asia Corporate News Network
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