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Synalloy increases stock offering

Keywords: Tags  Synalloy, public offering, CRI Tolling, steel fabrication, pipe, Thorsten Schier

NEW YORK — Synalloy Corp. expects to garner about $29.5 million from a recent public offering, which it has expanded to 2 million shares from 1.5 million previously, the company said.

Spartanburg, S.C.-based Synalloy plans to pay down debt with the proceeds, as well as invest $3.5 million in new equipment for its CRI Tolling LLC facility and $2 million in new equipment for its fabrication facility.

The offering is expected to close Sept. 30.

Synalloy’s business activities include the production of stainless steel pipe, fiberglass and steel storage tanks, specialty chemicals, and stainless and carbon piping systems fabrication.

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