The present invention discloses an assembly and process for creating a co-extruded pipe which includes the steps of extruding a first elongated component exhibiting an open interior. Additional process steps include co-extruding at least one, and typically a pair, of additional elongated components each having an arcuate or lobe cross sectional shape or profile. The additional components are bonded to exterior locations of the first component to establish a pair of additional open interiors between the components and prior to cooling and hardening.