Vallourec (OTCPK:VLOWY) is set to acquire Thermotite do Brasil Ltda., a specialized provider of thermal insulation pipe coating services, from Mattr (OTCPK:MTTRF) for $17.5 million on a cash-free, debt-free basis. Thermotite’s facility is located within Vallourec’s existing coating services premises in Serra, Esperito Santo State, Brazil. The development will enhance Vallourec's technical expertise and its line pipe coating solutions, strengthen its industry presence, and support its premiumization strategy, particularly in the offshore and deepwater markets. The deal to acquire 100% of the shares of Thermotite do Brazil is subject to customary closing conditions, including regulatory approvals, the company said in a statement. The company reiterates its previously stated targets to deleverage further in the second half of 2024 and to commence shareholder returns in 2025 at the latest.