JMC To Acquire Sharon Tube
Financial terms were not disclosed. The transaction is expected to close in the first quarter of 2007.
Founded in 1877, JMC is the largest North American manufacturer of steel tubing, including structural tubing, standard pipe, electrical conduit, sprinkler pipe, mechanical tube and associated fittings. The company employs 2,250 people in six states and two Canadian provinces.
JMC was acquired by Carlyle in March 2006 and merged with Atlas Tube in December 2006.
Carlyle Principal Andrew Marino said, “The acquisition of Sharon Tube is the next step in our strategy to build a tubular products company in North America with the scale to be a leader in the hyper-competitive global environment.”
William Perrine, president of Sharon Tube, said, “Our board unanimously approved this merger because it is in the best interests of our shareholders. We believe that a combination with JMC benefits our employees and community.”