Thomas & Betts sells Meyer site
HAGER CITY — The Thomas & Betts’ Meyer Steel Structures manufacturing facility is one of four recently acquired by Trinity Industries Inc., headquartered in Dallas.
Thomas & Betts is a member of the ABB Group. Their other Meyer manufacturing sites are located in Alabama, South Carolina and Texas.
Trinity notes that the acquisition of the four facilities may potentially add to the company’s overall manufacturing flexibility.
“The timing of the transaction aligns well for all parties involved,” the company said in a statement. “Trinity desires to expand its market presence in a business it has been developing over the last several years, at a time when ABB Group is divesting Meyer due to limited synergies with its core portfolio. The employees and customers of Meyer will benefit from the focus and investment of Trinity.”
The agreement, in which Trinity acquired the assets of Thomas & Betts’ utility steel structures division, was announced June 27 for a purchase price of approximately $600 million and is expected to be a cash transaction, according to a Trinity.
Meyer’s products include engineered poses, H-frames, light duty poles and substation structures. Its headquarters is in Memphis, Tennessee, and the Meyer employs more than 1,100 individuals.
“We have admired the leadership position of Meyer Steel Structures for many years,” said William A. McWirter II, Trinity Industries senior vice president and construction, energy, and Inland barge group president.
“Culturally, Meyer fits very well with what Trinity values most: strong leadership, engineering innovation and continuous operational improvements. This transaction strengthens Trinity’s position as a market-leading manufacturer of products that supply North America’s energy and infrastructure needs.”
Meyer is one of North America’s leading providers of tubular steel structures for electricity transmission and distribution and was established more than 85 years ago.
One of the recent large projects involves creating power poles for CapX2020. This is a joint initiative of 11 utilities in Minnesota, North Dakota, South Dakota and Wisconsin to upgrade and expand the electric transmission grid. The goal, they say, is to ensure continued reliable and affordable service
Meyer Industries, which started in Red Wing, was sold in 1985 to a privately held investment banking firm. The plant produces steel electrical transmission poles.
Along with Meyer Steel Structures, Thomas & Betts also has a major electrical division, which was developed by Princeton graduates Robert M. Thomas and Hobart D. Bates a year after Thomas Edison’s invention of the incandescent light bulb, according to the company’s website.
“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 continues to invest additional resources in this area of our business. With the acquisition of Meyer, Trinity builds a leadership position in the electric transmission and distribution industry and confirms its long-term commitment to the utility steel structures business.”
On both the Thomas & Betts and Trinity websites, the steel structures division is now listed as “Trinity Meyer.” For more information, visit www.trinitymeyer.com.