<SEC-DOCUMENT>0000095953-12-000029.txt : 20120813
<SEC-HEADER>0000095953-12-000029.hdr.sgml : 20120813
<ACCEPTANCE-DATETIME>20120813081944
ACCESSION NUMBER:		0000095953-12-000029
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120810
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120813
DATE AS OF CHANGE:		20120813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SYNALLOY CORP
		CENTRAL INDEX KEY:			0000095953
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL PIPE & TUBES [3317]
		IRS NUMBER:				570426694
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0809

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-19687
		FILM NUMBER:		121026075

	BUSINESS ADDRESS:	
		STREET 1:		775 SPARTAN BLVD., STE 102
		STREET 2:		P O BOX 5627
		CITY:			SPARTANBURG
		STATE:			SC
		ZIP:			29304
		BUSINESS PHONE:		864-585-3605

	MAIL ADDRESS:	
		STREET 1:		P O BOX 5627
		CITY:			SPARTANBURG
		STATE:			SC
		ZIP:			29304

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	BLACKMAN UHLER INDUSTRIES INC
		DATE OF NAME CHANGE:	19710510
</SEC-HEADER>
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<DESCRIPTION>8-K-8/13/2012-PALMER SPA
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<td colspan="6" valign="top" width="100%" style="TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#160;<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(Former name or former address if changed since last report)</font></font></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">[&#160;&#160;]&#160;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">[&#160;&#160;]&#160;&#160;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></div>

<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">[&#160;&#160;] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></div>

<div style="TEXT-INDENT: -36pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">[&#160;&#160;] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Entry into a Material Definitive Agreement</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">On August 10, 2012, Synalloy Corporation (&#8220;Synalloy&#8221;) entered into a stock purchase agreement to acquire all of the outstanding shares of capital stock of Lee-Var, Inc., a Texas corporation doing business as Palmer of Texas (&#8220;Palmer&#8221;).</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Palmer is a manufacturer of liquid storage solutions and separation equipment for the petroleum, municipal water, wastewater, chemical and food industries.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The purchase price for the acquisition is $25,575,000 in cash, and is subject to working capital and fixed asset adjustments at and after closing.&#160;&#160;Palmer shareholders will also have the ability to receive earn-out payments ranging from $2,500,000 to $10,500,000 if the business unit achieves targeted levels of EBITDA over a three year period following closing; and Synalloy will have the ability to claw-back portions of the purchase price over a two year period following closing if EBITDA falls below baseline levels.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Synalloy intends to fund the purchase price through an increase in its current credit facility and new long-term bank debt in the amount of approximately $22,500,000. The revised credit facility will require the Company to pledge all tangible and intangible properties, including Palmer. Although Synalloy has obtained a commitment from a bank for this funding, the loan has not yet closed, and closing will be subject to Synalloy completing and finalizing the acquisition of Palmer.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The stock purchase agreement includes customary representations, warranties, covenants, closing conditions, termination provisions, indemnification provisions, and agreements, including among others, that each party will use commercially reasonable efforts to complete the acquisition. The agreement also provides for Synalloy to enter into a three-year employment agreement with the current President and a one-year employment agreement with the current Controller of Palmer.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A copy of the press release, dated August 13, 2012, announcing the Acquisition is attached hereto as Exhibit 99.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Synalloy Announces Agreement to Acquire Palmer of Texas</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Spartanburg, S.C., August 13, 2012 &#8211; Synalloy Corporation (Nasdaq: SYNL), a producer of stainless steel pipe, fabricator of stainless and carbon steel piping systems, and producer of specialty chemicals, announces that it has entered into an agreement to acquire Palmer of Texas (&#8220;Palmer&#8221;), a leading manufacturer of liquid storage solutions and separation equipment for the petroleum, municipal water, wastewater, chemical and food industries.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In recent years, Palmer&#8217;s business has been focused on providing fiberglass (FRP) and steel tanks to the oil industry.&#160;&#160;Their primary facility in Andrews, Texas, is strategically located in the heart of the Permian Basin of west Texas and also serves other liquid rich shale areas including the Anadarko Basin, Eagle Ford Shale and the Barnett Shale.&#160;&#160;Palmer also operates a temporary facility on the Sabine River in Orange, Texas, where it builds oversized FRP tanks for international customers.&#160;&#160;With 137 employees, Palmer generated $32 million in revenues for the trailing twelve months ended May 31, 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The all-cash transaction is valued at $25,575,000, plus working capital and fixed asset adjustments at and after closing.&#160;&#160;Palmer shareholders will also have the ability to receive earn-out payments ranging from $2,500,000 to $10,500,000 if the business unit achieves targeted levels of EBITDA over a three year period following closing; and Synalloy will have the ability to claw-back portions of the purchase price over a two year period following closing if EBITDA falls below baseline levels.&#160;&#160;Synalloy intends to fund the purchase price through an increase in its existing credit facility and new long-term debt in the amount of approximately $22.5 million. Although Synalloy has obtained a commitment from a bank for this funding, the loan has not yet closed, and closing will be subject to Synalloy completing and finalizing the acquisition of Palmer.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The transaction is expected to be immediately accretive to Synalloy&#8217;s earnings.&#160;&#160;At Palmer&#8217;s current level of revenues, Synalloy is projecting a contribution of $.30 per share to its annual earnings.&#160;&#160;The transaction is expected to close by August 25, 2012.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">&#8220;We are very pleased to add the Palmer team to the Synalloy family.&#160;&#160;Jim Lee, Palmer&#8217;s President since 1989, has done an outstanding job of growing Palmer&#8217;s business, and Jim and his management team have agreed to continue to run the Palmer operation going forward.&#160;&#160;Palmer&#8217;s business is an excellent complement to Synalloy&#8217;s Metals unit as we service many of the same markets and have the ability to drive efficiencies in purchasing and operations,&#8221; said Craig C. Bram, Synalloy&#8217;s President and CEO.</font></div>

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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Statements included herein that are not historical in nature, are intended to be, and are hereby identified as &#8220;forward-looking statements&#8221; for purposes of the safe harbor provided by Section 21E of the Securities and Exchange Act of 1934, as amended.&#160;&#160;&#160;These forward-looking statements are based on current expectations, estimates and projections about our industry, our business, our customer relationships,&#160;management&#8217;s beliefs and assumptions made by management.&#160; These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict and, in many cases, are beyond the control or knowledge of management. Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements.&#160;&#160;We undertake no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.&#160; Additional information concerning some of the factors that could cause materially different results is included in our reports on forms 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission.&#160;Such reports are available from the Securities and Exchange Commission's public reference facilities and its website, http://www.sec.gov.</font></div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
