TPi September 2014

business & market news Trinity Industries to acquire Thomas & Betts’ utility steel structures division

Trinity expects the transaction will be accretive to full-year 2014 earnings but cannot provide a range of earnings guidance until the transaction is completed and purchase price accounting entries are finalised. JP Morgan Securities LLC served as financial adviser and K&L Gates acted as legal counsel for Trinity. Trinity Industries, based in Dallas, Texas, USA, owns businesses that provide products and services to the energy, transportation, chemical and construction sectors. The company reports its financial results in five principal business segments: rail; railcar leasing and management services; inland barge; construction products; and energy equipment.

Alabama, South Carolina, Texas and Wisconsin.

Trinity Industries, Inc has entered into an agreement to acquire the assets of Meyer Steel Structures, the utility steel structures division of Thomas & Betts Corporation, a member of the ABB Group, for a purchase price of approximately $600mn. 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 a provider of tubular steel structures for electricity transmission and distribution. Its products include engineered poles, H-frames, light duty poles and substation structures, provided to customers with integrated design, engineering, manufacturing and delivery. The company has headquarters in Memphis, Tennessee, USA, and manufacturing facilities in

On a stand-alone basis, Meyer is expected to record full-year 2014 revenues of approximately $325mn. 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. “We are excited about the opportunities associated with our agreement to purchase the assets of Meyer Steel Structures,” said Timothy R Wallace, Trinity’s chairman, CEO and president. “Meyer has an excellent reputation as a high quality manufacturer of utility steel structures. Trinity entered the market several years ago, and we have continued to invest additional resources in this area of our business.”

Trinity Industries, Inc – USA www.trin.net

17

www.read-tpi.com

September 2014 Tube Products International