Trinity Industries Inc. (TRN:US) agreed to buy ABB Ltd. (ABBN)’s Meyer Steel Structures unit for about $600 million as the Swiss company sells assets acquired in the purchase of Thomas & Betts Corp. that don’t fit its portfolio.
The unit is based in Memphis, Tennessee and employs more than 1,100 people, Zurich-based ABB said in a statement today. Trinity said it expects to complete the purchase in the third quarter and pay with cash on hand.
JPMorgan Chase & Co. advised Trinity and K&L Gates acted as legal counsel. ABB bought Thomas & Betts in 2012.
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