Trinity Industries To Buy Thomas & Betts' Utility Steel Structures Unit

(RTTNews) - Railcar maker Trinity Industries, Inc. (TRN) has agreed to acquire the assets of Meyer Steel Structures, the utility steel structures division of Thomas & Betts Corp. (TNB), a member of the ABB Group, for about $600 million. Trinity, which anticipates to fund the transaction with available cash on hand, also expects the deal to be accretive to full-year 2014 earnings. The transaction may close during the third quarter.

Meyer's products include engineered poles, H-frames, light duty poles and substation structures, provided to customers with integrated design, engineering, manufacturing, and delivery. Established more than 85 years ago, Meyer employs over 1,100 people, with manufacturing facilities in Alabama, South Carolina, Texas, and Wisconsin.

On a stand-alone basis, Meyer is likely to record full-year 2014 revenues of some $325 million. Trinity would report revenue and earnings from Meyer upon completion of the transaction, and its operating results would be included in Trinity's Energy Equipment Group.

Trinity said it cannot provide a range of earnings guidance until the transaction is closed and purchase price accounting entries are finalized. J.P. Morgan Securities LLC served as financial adviser and K&L Gates acted as legal counsel for Trinity