Global private equity group, The Carlyle Group, announced Wednesday that it has signed a definitive agreement to merge steel
tubing manufacturer John Maneely Company (JMC), parent of Wheatland Tube, with Atlas Tube Inc.
Carlyle will have the majority interest in the new company, which will be the largest North American steel
tubing manufacturer with sales of over $2 billion and annual
production of over 2 million tons.
JMC will remain as the parent entity of the combined company, with Wheatland Tube and Atlas Tube as its two operating divisions.
The $1.5 billion merger is expected to close in the fourth quarter of 2006.
JMC, acquired by Carlyle in 2005, manufactures standard
pipe, electrical conduit, fence framework, sprinkler
pipe, mechanical tube and associated fittings at its six
manufacturing facilities in five states.
Atlas Tube manufactures structural
tubing at its facilities in three US states and two Canadian provinces.