Trinity Industries Inc., Dallas, announced on June 27 that it has entered into an agreement to acquire the assets of Meyer Steel Structures the utility steel structures division of Thomas & Betts Corp./ABB Group, Memphis, Tenn., for a purchase price of approximately $600 million. The transaction is subject to customary regulatory approvals and is expected to close during the third quarter. Trinity expects to fund the purchase price with available cash on hand.
Established over 85 years ago, Meyer is one of North America’s leading providers of tubular steel structures for electricity transmission and distribution. Meyer’s products include engineered poles, H-frames, light duty poles and substation structures, provided to customers with integrated design, engineering, manufacturing, and delivery. With headquarters in Memphis, Meyer employs more than 1,100 people and has manufacturing facilities in Alabama, South Carolina, Texas, and Wisconsin. On a stand-alone basis, Meyer is expected to record full-year 2014 revenues of approximately $325 million. Trinity will report revenue and earnings from Meyer upon completion of the transaction, and its operating results will be included in Trinity’s Energy Equipment Group.