Synalloy Announces Ownership Position in Universal Stainless
Synalloy Corporation (SYNL)
US:NASDAQ Investor Relations:
investor.synalloy.com/investor-relations
Company Research
Source: GlobeNewswire
RICHMOND, Va., June 29, 2017 (GLOBE NEWSWIRE) -- Synalloy Corporation (Nasdaq:SYNL) (“Synalloy”) has acquired a 3% ownership position in Universal Stainless & Alloy Products, Inc. (Nasdaq:USAP) (“Universal Stainless”) and has presented the Universal Stainless Board of Directors with an initial proposal to merge the two companies. Craig Bram, President and CEO of Synalloy Corporation, said, “We believe that a combination of Synalloy and Universal Stainless offers immediate as well as future value to both shareholder groups. Product lines, distribution channels, end markets served and geographic proximity of manufacturing facilities provide opportunities for cost savings and new business development. Additionally, the elimination of duplicative corporate overhead and related public company costs is estimated at $3 million annually.” Bram shared, “In a normalized demand market, the combined company would have annual revenue and EBITDA of $475 million and $60 million, respectively.
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