IBF, founded in 1979, is a leading manufacturer of high alloy stainless steel tubes and special fittings, and exmploys around 300 people. It is a reputed global supplier of customized tube solutions for the leading companies in oil and gas extraction (sub-sea, top-side and on-shore), power generation (conventional and nuclear), as well as for the petrochemical industry and LNG. IBF has 7 production facilities located in northern Italy as well as a joint venture in the Chinese company, JSI Ltd, set up with two local firms. JSI manufactures thick walled piping components and fittings for the Chinese nuclear market. 50% of its 2013 turnover was made in Asia, 30% in Europe and approximately 20% in North America. Pursuant to this acquisition IBF will benefit from TUBACEX's international network and will integrate the product range of the Spanish manufacturer with its own offering, strengthening its competitive position by being able to offer both tubes and fittings. The Group will become a leading global tubular solutions provider and will enter, with a leading position, into the pipe accessories market (fittings, elbows, tees, caps, etc.).