TPT May 2010

I ndustry N ews

Focusing on boosting customer service alignment of his experience to the Fine Tubes customer base is a distinct starting advantage in improving customer focus. Andy’s expertise will support Fine Tubes’ strategic focus on key markets, which are higher in technical complexity and also require high flexibility and responsiveness in managing customer needs.

Welspun Gujarat Stahl Rohren Ltd (Welspun), the line pipe manufacturer and flagship company of the Welspun Group, has successfully completed a US$250mn capital raising exercise. The capital raising was achieved by way of a $150mn Foreign Currency Convertible Bonds (FCCB) offering (placed in October 2009), and $100mn in the form of Qualified Institutional Placements (QIP) of equity shares, placed recently. The company’s largest ever capital market initiative was well received among domestic and institutional investors. The funds will be used to invest for capital expenditure, retirement of high cost debt, investments in growth opportunities and FINE Tubes, the UK-based tube manufacturer, has welcomed Andy Whitehouse to its management team. With the creation of the post supply chain director, the producers of stainless steel, nickel and titanium tubing have taken another step to ensure that the availability of its products is supported by reduced lead times and ‘happy’ customers. Andy joins the Plymouth-based company with a comprehensive track record in operations management, planning and procurement gained in a range of high value-added product companies such as Airbus, GKN and Princess Yachts Ltd. His immediate areas of responsibility at Fine Tubes are the planning, logistics and customer services departments. The

He has been successful in improving the way in which complex manufacturing environments work – helping to ensure they achieved the required standards for productivity, planning processes and supply chain performance. The appointment of Mr Whitehouse will allow Mark Ayres to assume the role of new product development director, ensuring that new products are introduced with a seamless integration across the entire supply chain. Fine Tubes – UK Fax: +44 17527 33301

“I am thrilled to be part of an organisation that is obsessed with doing a good job, serving customers and hoping to grow”, he added. Underpinning his appointment, Mr Whitehouse holds a BEng (Hons) degree in mechanical engineering – paired with a detailed knowledge and real life implementation experience of both MRPII and modern lean manufacturing principles.

Email: sales@finetubes.co.uk Website: www.finetubes.com

Welspun Gujarat successfully achieves $250mn capital market fund raising

other usage in accordance with applicable statutory and/or regulatory requirements. The new shares being issued under QIP will be listed on the Bombay Stock Exchange and National Stock Exchange, and the FCCBs are listed on the Singapore Exchange. JP Morgan has acted as the sole book-runner for both FCCB and QIP. Mr BK Goenka, chairman and managing director of Welspun, commented, “Successful placement of FCCB and QIP reiterates the trust and belief that the investors repose on us. This fund raising will pave way for the accelerated growth journey of Welspun and the company becoming one of the most respected pipe companies in the world.”

Welspun Rohren commenced activities in 1995, and has supplied pipes for prestigious projects including the world’s deepest pipeline project in the Gulf of Mexico, and other critical projects across the globe. The company’s plate and pipe plants are located in Dahej and Anjar in Gujarat, India. The company has also commissioned a pipe mill in Little Rock, Arkansas, USA. The manufacturing facilities incorporate hybrid JCO technology from Mannesmann Demag of Germany (SMS Meer). Welspun – India Website: www.welspun.com Gujarat Stahl

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