Italy’s Marcegaglia sells US galvanized tube mill to Synalloy

Italian steelmaker Marcegaglia has completed the divestment of its tube and pipe operations in the United States by selling its galvanized tube production plant in Munhall, Pennsylvania, it said Wednesday July 4.

Marcegaglia sold the plant’s galvanized tube manufacturing equipment and inventory assets to Bristol Metals, a subsidiary of US stainless pipe producer Synalloy, for $10 million. The plant property was sold to the same buyer for an additional $10 million.
The acquisition by Bristol Metals was funded by real estate investment trust company Store Capital, which will own the property and lease it back to Bristol Metals.

In March 2017, Marcegaglia and Bristol Metals were the parties...

Published

Myurun Waran

July 05, 2018

16:10 GMT

London