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Welspun approves $100 million investment to boost US pipe manufacturing
Industry News- Sep 03,24
The upgrade is designed to expand Welspun Pipes' product offerings, allowing for the production of larger pipe sizes up to 24 inches in outside diameter and 0.750 inches in wall thickness.
Welspun Corp.'s board of directors has greenlit a $100 million investment to upgrade its high-frequency induction welding pipe manufacturing and coating capabilities in the United States. This investment will be made through Welspun Pipes Inc., a wholly owned subsidiary, over the next 18 months. The funding will come from local debt and internal accruals.
The upgrade is designed to expand Welspun Pipes' product offerings, allowing for the production of larger pipe sizes up to 24 inches in outside diameter and 0.750 inches in wall thickness, according to the company's filing.
This strategic move is expected to reinforce Welspun's leadership in the U.S. oil and gas sector, enhancing its presence in markets for oil, liquids, gas, and distribution. Additionally, the upgraded facilities will enable Welspun to capitalise on the growing demand for hydrogen and carbon capture applications in North America.
The U.S. line pipe market is anticipated to remain strong, driven by active drilling in the Permian Basin and the ongoing need for new gas pipelines to transport Permian gas to the Gulf Coast.
(NDTV Profit)
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