2023-06-20 08:48:10 ET
Mayville Engineering ( NYSE: MEC ) +5% pre-market Tuesday after saying it agreed to acquire Mid-States Aluminum, a Wisconsin-based manufacturer of custom aluminum extrusions and fabrications, for ~$96M.
The deal will accelerate Mayville Engineering's ( MEC ) expansion into lightweight materials fabrication, a strategic priority for the company, CEO Jag Reddy said.
The company said the deal will be immediately accretive to earnings per share, adjusted EBITDA margin and free cash flow.
Based on current market conditions, the company expects the Mid-States acquisition will contribute $30M-$35M of net sales and $$-$6M in adjusted EBITDA for FY 2023.
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For further details see:
Mayville Engineering to buy Mid-States Aluminum in $96M deal