Vallourec S.A.(VLOUF.PK,VLOWD.PK,VK.PA) Monday announced a $48 million investment to expand its operations in Youngstown, Ohio, as part of its long-term strategy in improving U.S. manufacturing. The initiative is part of a broader plan, which has seen more than $1.5 billion invested in the U.S, over the past 15 years, the company added.
The Frech manufacturer of tubular solutions said that the latest investment will fund the creation of a new Premium Threading Line within its existing steelmaking, rolling, and finishing facilities.
According to Vallourec, the new line will increase the capacity for threading VAM high-torque connections, which is an increasing requirement for onshore wells with extended laterals.
The company said that the construction began in July this year and is scheduled for completion by early 2027, with no disruption to current operations. On becoming functional, the project will create 40 full-time-equivalent positions and strengthen Ohio's energy and manufacturing sectors, Vallourec said in an official statement.
Commenting on the investment, Philippe Guillemot, Group Chairman and CEO of Vallourec, said, "This expansion reflects Vallourecs long-term vision and continued investment in the U.S. market. By strengthening our industrial base in Youngstown, we are building on the regions proud manufacturing legacy and supporting all energies with high-performance, locally produced solutions."
On the OTC Markets, VLOUF.PK ended Friday's trading at $19.00, up 2.81 percent.
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