This is an integrated provider of highly engineered steel components for infrastructure applications with operations in the southwestern and southeastern regions of the United States. The company targets markets such as bridges, nuclear and traditional energy, and general industrial and commercial construction. The company also owns a 50% stake in a wind tower fabrication joint venture with Martifer Energy Systems (public company in Europe). In short, this is a steel infrastructure company.
For the nine months ended September 30, 2009, its revenue was $239.5 million and operating income was $30.7 million. That compares to revenue of $201.0 million and operating income of $35.0 million for the same period in 2008.
J.P. Morgan and Baird are listed as joint book-runners and co-managers are listed as Jefferies & Company and BB&T Capital Markets. The selling stockholders have granted the underwriters an option for a period of 30 days to purchase additional shares of common stock to cover over-allotments but that amount has also not been set.
Jon C. Ogg
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