Wheatland Tube to integrate Sharon Tube
SHARON, Pa. — The parent company of Wheatland Tube is acquiring Sharon Tube Co.
Financial terms were not disclosed, but the deal is expected to close by March 31.
Sharon Tube will be integrated into Wheatland Tube, says The Carlyle Group, a Washington, D.C., investment group that took over the Wheatland plant last year.
Executives of both local companies were involved in meetings today at Sharon Tube and could not be reached to comment.
Wheatland employs nearly 1,000 people at plants in Wheatland and Warren, Ohio. Sharon Tube employs 460 at plants in Sharon and Wheatland, and in Ohio, in Brookfield and Niles.
Sharon Tube makes welded steel pipe, mechanical tubing and seamless pressure pipe. It was founded in 1929.
Bill Perrine, Sharon Tube president, said in a release that the company’s board unanimously approved the deal. Sharon Tube will operate under John Maneely Co., which also owns Wheatland.
It is a division of Carlyle.
John Maneely bills itself as the largest manufacturer of steel tubing in North America.
“We believe that a combination with JMC benefits our employees and community by bringing Sharon Tube together with the leading North American tubing manufacturer,” Perrine said.
Andrew Marino, a Carlyle principal, said Sharon Tube will help John Maneely to build the size tubing it needs to compete in the increasingly tough global market.