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Vallourec to sell its Mülheim site (Germany) for €39 million
Vallourec to sell its Mülheim site (Germany) for €39 million
Mülheim (Germany), December 22, 2023 – Vallourec, a world leader in premium tubular solutions, announces that it has signed a contract to sell its Mülheim site to CTP, Europe’s largest publicly-listed industrial property developer. On December 14th, the city council of Mülheim agreed to waive its preemption right in the transaction, and on December 22nd, all conditions precedent for closing have been fulfilled.
This transaction involves the sale of the approximately 330,000 square meter property for a total purchase price equivalent to €39 million. Approximately €37 million of this amount is expected to be received in cash within two weeks.
Philippe Guillemot, Chairman of the Board of Directors, and Chief Executive Officer, commented: “This transaction demonstrates our strong focus on executing the New Vallourec targets. For the end of the year 2023 we are targeting net debt below €741 million, excluding any impact of land sales, which will mark five straight quarters of deleveraging. This transaction supports our deleveraging ambitions in the near-term and our ultimate goal of reaching zero net debt by year end 2025 at the latest. Furthermore, this sale is proof of our ability to close transactions in a challenging environment by working collaboratively with multiple stakeholders.”
About Vallourec
Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec’s pioneering spirit and cutting edge R&D open new technological frontiers. With close to 16,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions, to make every project possible.
Listed on Euronext in Paris (ISIN code: FR0013506730, Ticker VK), Vallourec is part of the CAC Mid 60, SBF 120 and Next 150 indices and is eligible for Deferred Settlement Service.
In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R4074, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.
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