BOULOGNE-BILLANCOURT, France, Feb. 1, 2016 (GLOBE NEWSWIRE) -- The Vallourec Supervisory Board, chaired by Ms Vivienne Cox, has decided at its meeting on 29 January 2016 to reappoint the three current members of the Management Board, Mr. Philippe Crouzet, Chairman of the Management Board, Mr. Jean-Pierre Michel, Member of the Management Board, Chief Operating Officer and Mr. Olivier Mallet, Member of the Management Board, Chief Financial Officer, for a further period of four years. Their current term of office expires on 15 March 2016.
Vivienne Cox, Chairman of the Supervisory Board said: "In today's extremely difficult business environment, stability and experience are critical to deliver the major strategic initiatives we have announced today. The Supervisory Board confirms its confidence that the Management Board will be determined in executing these decisive actions which will secure Vallourec's long term, profitable growth."
Vallourec is a world leader in premium tubular solutions primarily serving the energy markets, as well as other industrial applications.
With over 20,000 employees in 2015, integrated manufacturing facilities, advanced R&D and a presence in more than 20 countries, Vallourec offers its customers innovative global solutions to meet the energy challenges of the 21st century.
Listed on Euronext in Paris (ISIN code: FR0000120354, Ticker VK) and eligible for the Deferred Settlement System (SRD), Vallourec is included in the following indices: Euronext 100 and SBF 120.
In the United States, Vallourec has established a sponsored Level 1 American Depositary Receipt (ADR) program (ISIN code: US92023R2094, Ticker: VLOWY). Parity between ADR and a Vallourec ordinary share has been set at 5:1.
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