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Synalloy Corp sells its specialties chemicals business
08
Oct '09
Synalloy Corporation, a producer of stainless steel pipe, fabricator of stainless and carbon steel piping systems, and producer of specialty chemicals, announces that on October 2, 2009, the Company entered into a Asset Purchase Agreement with SantoLubes Manufacturing, LLC to sell the specialty chemical business of Blackman Uhler Specialties, LLC ("BU"), along with certain property, plant and equipment held by Synalloy Corporation, all located at the Spartanburg, SC location.

The purchase price of approximately $11,200,000, payable in cash, was equal to the approximate net book values of the assets sold as of the date of sale, and the Company expects to record a modest loss of less than $250,000 resulting primarily from transaction fees and other costs related to the transaction. Divesting BU's specialty chemicals business, having annual sales of approximately $14,500,000, will free up resources and working capital to allow further expansion into the Company's metals businesses.

Since 1945, Synalloy Corporation is a diverse manufacturer comprised of two major operating segments: metals and chemicals.

The Metals Segment, operating as Bristol Metals,LLC, manufactures pipe and piping systems from stainless steel and other alloys.The Specialty Chemicals Segment is comprised of three operating companies: Blackman Uhler LLC (BU Specialties) and Organic Pigments LLC , both located in Spartanburg, South Carolina and Manufacturers Chemicals, LLC in Cleveland, Tennessee and Dalton, Georgia.The segment produces specialty chemicals for the textile, carpet, chemical, paper, metals, photographic, pharmaceutical, agricultural, fiber and paint industries.

Synalloy Corporation

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