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Arcosa Inc (NYSE:ACA) has entered into a definitive agreement to acquire Ameron Pole Products, LLC from NOV Inc (NYSE:NOV) for $180 million in cash.
Founded in 1970, Ameron is a manufacturer of engineered, premium concrete and steel poles for a broad range of infrastructure applications, including lighting, traffic, electric distribution, and small-cell telecom.
Ameron has four manufacturing facilities strategically located in Alabama, California, and Oklahoma.
For the year ended December 31, 2023, Ameron posted $94 million in revenues and Adjusted EBITDA of approximately $20 million.
Arcosa will fund the $180 million purchase price with a combination of cash on hand and borrowings available under its revolving credit facility.
“It provides entry into the complementary steel and concrete lighting pole market while expanding our product offerings in traffic and telecom,” said Arcosa’s President and CEO Antonio Carrillo.
The company held $104.8 million in cash and equivalents as of December 31, 2023.
The company expects to close the transaction in the second quarter of 2024.
Price Action: ACA shares are trading lower by 1.02% at $83.86 on the last check Monday.
Photo via Shutterstock
