Synalloy Corporation recently announced that it, through its subsidiary Bristol Metals, LLC, has signed a definitive agreement to acquire the Stainless Steel Pipe and Tube operations of Marcegaglia USA. The parties expect the transaction to close on or by March 1, 2017.
The agreement will be structured as an asset purchase and will exclude galvanized product and ornamental tubing products. The purchase price for the transaction, which excludes real estate and certain other assets, is expected to range between USD $15 and USD $16 million.
Craig Bram, President and Chief Executive Officer of Synalloy Corporation said, The prospect of bringing together the capabilities of Bristol Metals and Marcegaglias US stainless steel business is very exciting. Mr. Antonio Marcegaglia and I have been working diligently on this transaction and look forward to closing in the coming months.