On 27 February 2015, Solina Global Corporation, an affiliate of Teak Capital Corporation, acquired 100% of the shares of Primus Processamento de Tubos SA (“Protubo”), located in the State of Rio de Janeiro, Brazil, from IHI Corporation of Japan and Dai-Ichi High Frequency Co., Ltd. of Japan.

Statement from the Chairman

Lampros Vassiliou, Chairman & CEO of Teak Capital Corporation and Solina Global Corporation, stated that “When we acquired Protubo we stated that we planned to inject new life into Protubo and dynamically build the business in Brazil and throughout Latin America as part of the Solina Global network. The appointment of Mario Medanic to lead our clad focused business and support Solina Global's consolidation plans for the Brazilian and Latin American piping industry is a key step in this initiative. Mario’s expertise is unparalleled and we are delighted he has agreed to join our mission. Solina is also installing new state of the art weld overlay clad systems at Protubo and is implementing a broader consolidation strategy in order to provide a one stop shop service”.