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ENDATASynalloy Corporation has delivered a proposal to the Board of Directors of Universal Stainless & Alloy Products, Inc. to merge the two companies into a new publicly traded company.
Synalloy Corporation's subsidiary ASTI Acquisition signed a definitive agreement to buy substantially all assets of American Stainless Tubing, with the cash price expected between $27 and $28 million and closing expected by January 1, 2019.
Synalloy's subsidiary Bristol Metals has been awarded an $8 million tubing order, the largest of its type since acquisition. Production will occur at Bristol, TN and Munhall, PA facilities, with shipping starting in August 2018 and continuing through the remainder of the year.
Synalloy Corporation has entered into an agreement to purchase Marcegaglia's galvanized tube operations in Munhall, Pennsylvania, for a total consideration of $20 million. The closing is scheduled for the end of June 2018.
Synalloy Corporation's subsidiary Bristol Metals agreed to purchase Marcegaglia USA's real estate property in Munhall, Pennsylvania for $10.0 million.
Synalloy Corporation's Specialty Chemicals Group has been selected by a global chemical company to manufacture a product line for the construction market. Full production will commence in May 2018, contributing approximately 4 million pounds of additional volume in 2018.
Synalloy Corporation acquired a 3% ownership stake in Universal Stainless & Alloy Products and presented an initial merger proposal to Universal Stainless's board on June 29, 2017. The proposal was rejected by Universal Stainless's board.
Synalloy Corporation's subsidiary Bristol Metals, LLC closed on the purchase of Marcegaglia USA's stainless steel pipe and tube operations for $14.95 million, creating the largest domestic producer of welded stainless steel pipe and mechanical tube in North America.
Synalloy Corporation, through its subsidiary Bristol Metals, signed a definitive agreement to acquire the stainless steel pipe and tube operations of Marcegaglia USA for $15-16 million, expected to close by March 1, 2017.