Trinity Industries, Inc. Completes its Previously Announced $600 Million
Acquisition of Meyer Steel Structures
DALLAS -- August 18, 2014
Trinity Industries, Inc. (NYSE:TRN) announced today that it has completed its
previously announced agreement to acquire the assets of Meyer Steel Structures
(“Meyer”), the utility steel structures division of Thomas & Betts
Corporation, a member of the ABB Group. Established over 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 approximately $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.
“We are pleased to complete this transaction which establishes for Trinity a
market leadership position in the electric transmission structures industry,”
said Timothy R. Wallace, Trinity’s Chairman, CEO, and President. “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.”
Trinity Industries, Inc., headquartered in Dallas, Texas, is a diversified
industrial company that owns a variety of market-leading businesses which
provide products and services to the energy, transportation, chemical, and
construction sectors. Trinity reports its financial results in five principal
business segments: the Rail Group, the Railcar Leasing and Management Services
Group, the Inland Barge Group, the Construction Products Group, and the Energy
Equipment Group. For more information, visit: www.trin.net.
Trinity Industries, Inc.
Jessica Greiner, 214-631-4420
Director, Investor Relations
Jack Todd, 214-589-8909
Press spacebar to pause and continue. Press esc to stop.