HAMBURG (Reuters) - German copper products group Wieland said on Wednesday it has taken over the copper and steel tube business of U.S. company Wolverine Tube Inc, as part of its plans to expand internationally.
Unlisted Wieland gave no financial details of the deal, which will see it acquire Alabama-based Wolverine’s manufacturing of finned and enhanced surface tubes from copper, copper alloys and steel alloys.
“In line with our corporate strategy, this acquisition is another important step on the way to expand Wieland Group’s international market position,” Wieland CEO Erwin Mayr said in a statement. “It allows us to strengthen our portfolio of high-end, technically differentiated businesses.”
One major use of the finned and enhanced surface tubes is energy-efficient coolant transfer in large air conditioning systems for buildings, a Wieland spokeswoman said.
The company did not give any details of the business’s tonnage or turnover.
Mayr became Wieland CEO on April 1 and has said he plans to expand the group’s international presence.
Wieland sells around 440,000 tonnes of copper products a year with annual sales of around 2.7 billion euros ($2.9 billion) and has operations in Europe, North America and Asia.
($1 = 0.9158 euros)
Reporting by Michael Hogan; Editing by Susan Fenton