American GLGH Steel acquires Artrom Steel Tubes S.A. to enter new markets

GLGH Steel, a subsidiary of Great Lakes Global Holdings (GLGH), has agreed to acquire Romanian steel pipe manufacturer Artrom Steel Tubes S.A. Artrom’s plants are located in Slatina and Resica, Romania. This is stated in a press release from GLGH.

“Artrom Steel Tubes S.A. is a modern industrial company with great potential on a global scale. We look forward to supporting its growth in the coming years by helping it develop new markets in Europe, North America and beyond,” said Adam Hitchcock, founder and managing partner of GLGH.

The sale and purchase agreement was signed in November between GLGH Steel and Artrom’s previous Serbian owners. The transaction is now pending regulatory approvals from the Romanian authorities. GLGH Steel is actively working to obtain support from the Romanian government to ensure Artrom’s further development.

“We are interested in opening new opportunities for Artrom. We hope that the new government will take the necessary steps to restore the company’s normal business operations as soon as possible. This will allow Artrom to embark on a new business trajectory focused on strategic areas such as defense manufacturing and decarbonization,” Hitchcock added.

The acquisition will protect thousands of jobs in Romania’s southern counties, such as Olt and Caras Severin. In addition, the transaction provides for significant investment in the local economy and a steady stream of capital investments that will help develop new production lines and expand access to new markets.

Adrian Popescu, Chairman of the Board of Directors of Artrom, thanked the previous owners for their efforts during a difficult period and emphasized his optimism about the future.

“We expect that the new owners will be able to implement their development plans without any delays,” he added.

Today, Artrom Steel Tubes S.A. employs over 2,000 people and is a market leader in the production of steel pipes. The company has a broad customer base and is key to the energy, mechanical and oil and gas industries. GLGH Steel plans to ensure the stability and long-term development of Artrom by implementing its strategic investment plans.

As GMK Center reported earlier, in early October 2024, Artrom Steel started using certified green energy in its production. The company has signed a contract with a major electricity supplier in Romania. In total, last year the company planned to invest more than $6.4 million in measures to reduce carbon dioxide emissions and energy consumption.