Trinity Industries Inc. completed its previously announced agreement to buy the assets of Meyer Steel Structures, the utility steel structures division of Thomas & Betts Corp., a member of the ABB Group. Established more than 85 years ago, Meyer is one of North America’s leading providers of tubular steel structures for electricity transmission and distribution.
As previously disclosed, the purchase price was about $600 million, before transaction fees, and was funded entirely with cash on hand. Trinity will report revenue and earnings from Meyer within its Energy Equipment Group beginning with the third quarter 2014 financial results.
“Meyer’s strong engineering reputation, manufacturing capabilities, and products with high steel content align well with Trinity’s existing competencies and offer opportunities to create additional value. The acquisition broadens Trinity’s product portfolio, aligns with our strategy of growing our presence in the energy and infrastructure markets, and supports our vision of being a premier, diversified industrial company. We look forward to a smooth integration of our companies and welcoming a new team of employees,” said Timothy R. Wallace, Trinity’s chairman, CEO and president.
Trinity, headquartered in Dallas, Texas, is a diversified industrial company that owns a variety of businesses that provide products and services to the energy, transportation, chemical and construction sectors.