Corinth Pipeworks UK Ltd, a wholly owned subsidiary of Cenergy Holdings’ Corinth Pipeworks S.A., has acquired the LSAW pipe facility in Hartlepool, UK, through an asset sale agreement with the joint administrators of Liberty Pipes (Hartlepool) Ltd for GBP 10 mln (USD 13.3 mln)
The acquisition forms part of Corinth Pipeworks’ strategy to expand its presence in the global energy sector and increase production capacity in the steel pipe segment.
The Hartlepool facility, established in 1926, has supplied pipe solutions for major energy companies including Shell, BP, Total and Equinor, as well as subsea engineering firms such as Subsea 7 and Saipem. The plant has an annual rolling capacity of 250,000 tons, producing LSAW pipes in diameters ranging from 16 to 42 inches.
The facility was previously owned by Liberty Steel Group, part of Sanjeev Gupta’s GFG Alliance, which has faced financial difficulties since the collapse of its main lender Greensill Capital in 2021.
Corinth Pipeworks said the acquisition will help expand its capabilities in supplying pipes for large-scale energy and offshore projects. The company operates a major pipe production facility in Thisvi, Greece, with an annual capacity of 1 mln tons, while the Hartlepool plant adds a further 250,000 tons of capacity.
1 USD / 0.74 GBP
