CHICAGO Synalloy Corp. has completed its $25.6-million acquisition of Palmer of Texas.
Spartanburg, S.C.-based Synalloy, which produces stainless steel pipe and fabricates stainless and carbon steel piping systems, said Thursday that the deal, announced earlier this month (amm.com, Aug. 13), closed Aug. 21.
Andrews, Texas-based Palmer employs 137 people and generated $32 million in revenue in the year ended May 31, Synalloy said. In recent years, it has focused on making fiberglass and steel tanks for the oil industry, the company said (amm.com, Aug. 13).
Palmers main facility in Andrews is located in the Permian Basin, a traditional drilling area, and serves the liquid-rich Eagle Ford and Barnett shales, as well as the Anadarko Basin, Synalloy said. Palmer also operates a temporary facility in Orange, Texas (amm.com, Aug. 13).