Trinity closes USD600m buy of Meyer Steel Structures.
18 August 2014 - US group Trinity Industries Inc (NYSE:TRN) said today it had closed its USD600m (EUR448m) cash acquisition of Meyer Steel Structures, formerly the utility steel structures unit of Thomas & Betts Corp, which is in turn part of Swiss electrical engineering major ABB Ltd (VTX:ABBN).
Trinity funded the deal, announced in June this year, with cash on hand.
This transaction is consistent with Trinity's strategy to expand its footprint in the energy and infrastructure segments and bolsters the company's product offering, chairman, president and CEO Timothy Wallace said.
Tennessee-headquartered Meyer makes tubular steel structures for electricity transmission and distribution. The firm has over 1,100 employees and production facilities in the states of Alabama, South Carolina, Texas and Wisconsin. This year, Meyer is projected to generate annual revenues of about USD325m, according the buyer's statement from June.
Sector: Machinery/Engineering, Metals/Mining
Target: Meyer Steel Structures
Buyer: Trinity Industries Inc
Vendor: Thomas & Betts Corp, ABB Ltd
Deal size in USD: 600m
Type: Corporate acquisition
Financing: Existing resources, Cash
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|Publication:||M & A Navigator|
|Date:||Aug 18, 2014|
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