Global private equity firm The Carlyle Group has announced that its subsidiary John Maneely Company (JMC), parent of Wheatland Tube and Atlas Tube, has signed a definitive agreement to acquire Pennsylvania-based mechanical
tubing and seamless pressure
pipe producer Sharon Tube Company.
With the closure of the transaction, expected to take place in the first quarter of 2007, Sharon Tube Company will be integrated into the Wheatland Tube division of JMC.
Carlyle principal Andrew Marino stated in the company's press release on the subject, “The acquisition of Sharon Tube Company is the next step in our strategy to build a
tubular products company in
North America with the scale to be a leader in the hyper-competitive global environment. Bringing JMC and Sharon Tube together will create a stronger, more stable company that will benefit all stakeholders.”
JMC CEO Armand Lauzon said, “Sharon Tube builds on JMC's strong operations base in western Pennsylvania. We look forward to continuing Sharon Tube's tradition of excellence as a part of JMC.”
Also commenting on the acquisition, Sharon Tube Company president William Perrine stated, “We are excited about the merger with JMC. Our board unanimously approved this merger because it is in the best interest of our shareholders. Further, we believe that a combination with JMC benefits our employees and community by bringing Sharon Tube together with the leading North American
tubing manufacturer.”
JMC is the largest North American manufacturer of steel
tubing, producing structural
tubing, standard
pipe, electrical conduit, fence framework, sprinkler
pipe, mechanical tube and assorted fittings, with locations in six states and two Canadian provinces. JMC was acquired by the Carlyle Group in March 2006 and acquired structural tube manufacturer Atlas Tube in December 2006.