The Metal-Matic assets will become part of PTC Alliance after the transaction is completed, Wexford, Pennsylvania-based PTC Alliance said on Friday December 17. The Metal-Matic facilities are located in Minnesota, Illinois and Ohio.
Terms of the deal, which is expected to close by the end of 2021, were not disclosed.
“Metal-Matic has a strong portfolio of products, brand and customers that we will seek to profitably maintain and grow,” Cary Hart, chief executive officer of PTC Alliance, said in a statement. “This acquisition brings together two industry leaders under one well-financed and well-supported organization. Our customers will benefit greatly from both operating and commercial synergies of the combined company.”
Metal-Matic produces tubing for customer segments including automotive, appliance, agriculture, recreation, military, fluid power, boiler and construction, according to the Minneapolis-based company’s website. The company was founded in 1951.
Fastmarkets’ pricing assessment for steel welded mechanical tubing ASTM A513, fob mill US stands at $2,375-2,425 per short ton. The price recorded its all-time high of $2,475-2,525 per ton in early September. Fastmarkets’ A513 assessment debuted in November 2008.