The 2020 Mid-Year Economic Update_long

Day: March 29, 2007

U.S. Steel to Acquire Lonestar Technologies for $2.1B

United States Steel Corporation, Pittsburgh, PA, has agreed to buy Lone Star Technologies, Inc., Dallas, TX, a manufacturer of welded oilfield tubular goods, for $67.50 per share in cash, or about $2.1 billion. The price is a premium of about 39% to Lone Star's closing share price March 28, 2007.
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Lone Star Technologies, Inc. is a $1.4 billion holding company whose principal operating subsidiaries manufacture and market oilfield casing, tubing and line pipe, specialty tubing products, including finned tubes used in a variety of heat recovery applications, and flat rolled steel and other tubular products and services.
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U. S. Steel expects that the acquisition of Lone Star will strengthen its position as a producer of tubular products for the energy sector and ...

Building Materials Holding Corp Acquires Riggs Plumbing

Building Materials Holding Corporation, San Francisco, CA, announced its wholly owned subsidiary, SelectBuild Construction, Inc. has completed the acquisition of the remaining 27% of Riggs Plumbing LLC.
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Riggs provides turnkey rough and finish plumbing installation to high-volume residential builders in the Phoenix and Tucson markets and in 2006 had sales of approximately $90 million.
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SelectBuild acquired its initial interest of 60% of Riggs in April 2005 and acquired an additional 13% in July 2005.
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BMHC is a provider of services and building materials in the U.S., serving the homebuilding industry through two subsidiaries: SelectBuild provides construction services to high-volume production homebuilders in growth markets across the country; ...

Lab Supplier VWR Buys German Distributor

VWR International, Inc., West Chester, PA, supplier to the global research laboratory industry, has acquired the remaining 76% interest in KMF Laborchemie Handels GmbH, a German-based scientific laboratory supply distributor.
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KMF has 70 employees, all based in Germany, with annual revenues of US$45 million.
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KMF's customers include research institutes, universities, public control laboratories, pharmaceutical and other industries. In addition to its central warehouse in Sankt Augustin, Germany, KMF has branch offices in Lohmar and Leipzig. The Company's mission is to deliver excellence in distribution of scientific supplies and customer service.
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VWR International is a lab supply distributor with worldwide sales in excess of $3 billion. VWR's ...

Platinum Equity Completes Purchase of Strategic Distribution

Platinum Equity, Los Angeles, CA, has completed its acquisition of Strategic Distribution, Inc., MRO distributor to industrial and institutional customers in the U.S., Canada, and Mexico.

The acquisition is a public-to-private transaction and Strategic Distribution Inc. has been delisted from the NASDAQ exchange, with each share of common stock converted into the right to receive $10 in cash per share.

In conjunction with the acquisition, Platinum Equity announced that Rudi Strobl has been appointed as CEO of the business. Strobl is a senior executive who previously served as Deputy CEO of DyStar, a Platinum Equity company that is a manufacturer of textile ...

Airgas to Buy Large Part of Linde’s Packaged Gas Business

Airgas, Inc., Radnor, PA, &nbsp ; has agreed to buy a significant part of the U.S. packaged gas business of Linde AG for $310 million in cash.
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The operations to be acquired include branches, warehouses, packaged gas fill plants, and other operations involved in distributing packaged industrial and specialty gases and related equipment. The business includes 130 locations in 18 states, with more than 1,400 employees, which generated $346 million in revenues and $36 million in EBITDA in the year ended Dec. 31, 2006.&nbsp ; About 50% of the revenues were from gas sales and cylinder rent, with the remainder from sales of welding equipment and supplies.
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The proposed acquisition would be positive for customers, associates, and shareholders," said Airgas Chairman ...