RICHMOND, Va., March 01, 2017 (GLOBE NEWSWIRE) -- Synalloy Corporation (Nasdaq:SYNL) today announced that its subsidiary Bristol Metals, LLC, has closed on the purchase of Marcegaglia USA’s stainless steel pipe and tube operations. The purchase price for the transaction of $14.95 million includes primarily the stainless steel pipe and tube manufacturing equipment and inventory assets of the business.

The combined business will operate as Bristol Metals, LLC, with facilities in Bristol, TN and Munhall, PA. The new Bristol Metals, LLC will be the largest domestic producer of welded stainless steel pipe and mechanical tube in North America, with market share approaching 40%. Craig Bram, President and CEO of Synalloy Corporation noted, “The combined capacity of the two operations will exceed 70 million pounds annually across all product lines. At 2014 pricing and demand levels, the new Bristol Metals, LLC has the potential to generate in excess of $150 million in annual revenue.”

Kyle Pennington, President of Synalloy Metals said, “We will spend the balance of 2017 integrating the sales and operations of the two companies and expect a smooth transition. Best practices and procedures will be adopted from both operations to ensure the highest in product quality and service to our customers. The acquisition of Marcegaglia USA’s laser and TIG mills enhances our on-going business with additional capacity and technological advantages. Bristol Metals, LLC will have the most extensive product line and capacity in the industry. We can now offer a full range of tubing products to support our new heavy wall capabilities and traditional welded pipe markets. We are well positioned compared to other competitors supplying our markets.”