Synalloy completes purchase of Marcegaglia’s galvanized tube operations in US

Wednesday, 04 July 2018 11:28:09 (GMT+3)   |   Istanbul
       

US-based tube producer Synalloy Corporation has announced that its subsidiary Bristol Metals, LLC has closed the purchase of Italian steel processor Marcegaglia’s galvanized tube operations in Munhall, Pennsylvania. The agreement for the purchase was signed in May this year.

Synalloy has also announced the refinance and increase of its asset based (ABL) credit facility with its bank, Branch Banking and Trust Company (BB&T), from $65 million to $80 million. The ABL will be used to finance the Marcegaglia galvanized acquisition, for working capital needs and to fund future acquisitions.

“We expect the addition of this business to be as incrementally positive to Bristol Metals’ financial results as was our initial transaction with Marcegaglia. We have identified numerous growth opportunities for both galvanized and ornamental stainless products and will be investing in several capital projects to further enhance our throughput.  By the end of 2018, revenue for the galvanized and ornamental stainless business is projected to be at an annual run rate greater than $50 million,” stated Craig C. Bram, president and CEO of Synalloy Corporation.


Similar articles

Local Chinese steel pipe prices mostly decline

28 Mar | Tube and Pipe

US OCTG exports up 26.8 percent in January

27 Mar | Steel News

India’s VSTL setting up greenfield steel pipe making unit in Odisha

27 Mar | Steel News

Japanese crude steel output down 3.8 percent in February from January

27 Mar | Steel News

India’s Welspun secures $62 million steel pipe supply contract in Saudi Arabia

26 Mar | Steel News

Some EU flat steel import quotas about to be exhausted near end of period

26 Mar | Steel News

Canada initiates review on line pipe from S. Korea

25 Mar | Steel News

India’s Welspun and Saudi Arabia’s Aramco terminate steel pipe supply contract

25 Mar | Steel News

US and Canadian rig counts both decline week-on-week

22 Mar | Steel News

US structural pipe and tube exports down 41.7 percent in January

22 Mar | Steel News