Key Developments: Synalloy Corp (SYNL.OQ)

SYNL.OQ on NASDAQ Stock Exchange Global Market

16.56USD
25 Jul 2014
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Latest Key Developments (Source: Significant Developments)

Synalloy announces planned closure of Bristol Fabrication
Tuesday, 29 Apr 2014 09:00am EDT 

Synalloy Corp:Says the planned closure of the Bristol Fabrication unit of Synalloy Fabrication, LLC.Closure is currently scheduled for June 27.Management believes the decision to close Bristol Fab leaves the overall Company stronger by eliminating a chronically unprofitable unit.  Full Article

Synalloy Corp Announces Increase in Annual Dividend Payment
Friday, 8 Nov 2013 08:05am EST 

Synalloy Corp announced that the Board has declared an annual dividend of $.26 per share payable on December 3, 2013 to holders of record on November 18, 2013.  Full Article

Synalloy Corp Announces Closing Of Common Stock Offering
Monday, 30 Sep 2013 11:50am EDT 

Synalloy Corp announced the closing of an underwritten public offering of 2,000,000 shares of its common stock at a price of $15.75 per share. The underwriters also exercised their option to purchase and close upon an additional 300,000 shares of common stock from Synalloy at the public offering price (less the underwriting discount). Synalloy received net proceeds, after underwriting discounts and estimated expenses, of approximately $34.2 million. The Company intend to use the net proceeds from the offering to invest approximately $3.5 million in new equipment for CRI Tolling facility, to invest approximately $2.0 million in new equipment for fabrication facilities, to pay off the senior indebtedness outstanding under a line of credit that the Company have through a loan agreement, and for general corporate purposes.  Full Article

Synalloy Corp Announces Upsizing And Pricing of Common Stock Offering
Wednesday, 25 Sep 2013 10:10am EDT 

Synalloy Corporation announced that it has upsized its previously announced underwritten public offering from 1,500,000 to 2,000,000 shares of its common stock and priced the offering at a price of $15.75 per share. The underwriters have a 30-day option to purchase up to an additional 300,000 shares of common stock from Synalloy at the public offering price (less the underwriting discount) to cover over-allotments, if any. Net proceeds to Synalloy from the sale of 2,000,000 shares, after underwriting discounts and estimated expenses, are expected to be approximately $29.5 million. It intend to use the net proceeds from the offering to invest approximately $3.5 million in new equipment for Its CRI Tolling facility, to invest approximately $2.0 million in new equipment for Its fabrication facilities, and to pay down the senior indebtedness outstanding under a line of credit that the Company has through a loan agreement. The offering is expected to close on September 30, 2013, subject to customary closing conditions.  Full Article

Synalloy Corp's Synalloy Fabrication Secures $22.5 Million for Two Fabrication Projects
Wednesday, 14 Aug 2013 02:11pm EDT 

Synalloy Corp announced that their Synalloy Fabrication subsidiary secured $22.5 million in new fabrication bookings in the past 2 weeks. These bookings are comprised of a Louisiana chemical plant project amounting to $15.8 million and a Baltimore, Maryland-based waste water treatment project for $6.7 million. Both of these projects should ship complete during 2014 based on the respective project schedules and increased staffing at Bristol, TN and Crossett, AR production facilities.  Full Article

Synalloy Corp's Metals Subsidiaries Secures $10 Million Chemical Project
Thursday, 1 Aug 2013 12:30pm EDT 

Synalloy Corp announced that Synalloy Fabrication recently secured $10 million in new fabrication bookings for a Texas based chemical plant project. This project should ship complete during the next 12 months based on the current schedule. Synalloy Fabrication's backlog stands at $36 million, an increase of 89% over the backlog of $19 million on January 1, 2013.  Full Article

Synalloy Corp's Metals Subsidiary Secures $6.0 Million In International Fabrication Additions To Mexican Project
Thursday, 9 May 2013 10:26am EDT 

Synalloy Corp announced that its Synalloy Metals' fabrication subsidiary has been awarded an additional contract on an international project. Synalloy Fabrication's Ram-Fab unit has been awarded an additional fabrication contract valued at approximately $6.0 million from a Fortune 500 chemical manufacturing client.  Full Article

Synalloy Corp Announces Dividend Payment
Friday, 16 Nov 2012 09:08am EST 

Synalloy Corp announced the declaration of an annual dividend of $0.25 per share payable on December 10, 2012 to holders of record on November 26, 2012.  Full Article

Synalloy Corp's Subsidiaries Receives $10.5 Million in International Fabrication and Pipe Contracts
Thursday, 13 Sep 2012 08:30am EDT 

Synalloy Corp announced that its Synalloy Metals subsidiaries have been awarded two international projects. Synalloy Fabrication's Ram-Fab unit has been awarded fabrication contracts valued at approximately $8 million from a Fortune 500 chemical manufacturing client. Ram-Fab will be providing high nickel alloy piping systems for a Mexico-based production operation with shipments scheduled to begin at the end of 2012 and complete in mid-2013. Additionally, the Bristol Metals subsidiary has been awarded several contracts totaling $2.5 million to supply six moly welded pipe to a potash project in Argentina. Production and shipment of material commences immediately and will be complete by the end of first quarter 2013.  Full Article

Synalloy Corporation Announces Closing of Palmer of Texas Acquisition
Thursday, 23 Aug 2012 12:45pm EDT 

Synalloy Corporation announces that as previously reported on August 13, 2012, Synalloy (the Company) entered into an agreement to purchase the stock of Lee-Var, Inc., dba Palmer of Texas (Palmer). On August 21, 2012, the Company closed the transaction contemplated by the Stock Purchase Agreement. The acquisition was funded through a Credit Agreement with its current bank to increase the limit of its line of credit by $5,000,000 to a maximum of $25,000,000 and extended the maturity date to August 21, 2015. The Credit Agreement also included a ten-year term loan for $22,500,000 that requires equal monthly payments of $187,500 plus interest.  Full Article

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