MAN Industries' Saudi subsidiary MISIC acquired 100% of National Pipe Company for USD 102 million, gaining 430,000 MTPA API pipe capacity.
NPC is a debt-free, profit-making firm with USD 83M liquid assets, USD 120M order book, and long-standing Saudi Aramco client relationships.
The acquisition, valued at 1.5x EV/EBITDA, is immediately EPS-accretive and aligns with Saudi Vision 2030 infrastructure spending.
MAN reallocates its Dammam greenfield to a coating plant, creating an integrated Saudi pipeline solutions platform.