Leading North American steel fabricator and processor Harris Steel Group has signed a definitive agreement to purchase the business and assets of the Illinois-based bar grating processor Tru-Weld Grating Inc. and its Canadian subsidiary, Tru-Weld Grating Ltd.
The $21 million transaction is to be structured as an asset purchase in
Canada and a stock purchase in the
US.
Harris Steel Group president Paul Kelly commented on the transaction: "We have known, respected and competed with Tru-Weld for over 20 years. The combination of Tru-Weld's
manufacturing capabilities with Fisher & Ludlow's
distribution and
fabrication network will enhance our ability to meet market demands, resulting in improved customer service."
Tru-Weld, which has operated for more than 20 years as a privately held corporation, operates three combined
manufacturing/
fabrication facilities processing steel bar grating, located in Litchfield, Illinois, Saegertown, Pennsylvania, and Wetaskiwin, Alberta.
Through 37 facilities in
Canada and the United States, Harris Steel Group sells value-added products and services to customers within the
construction,
automotive, industrial, and mining markets.