Synalloy Corporation (SYNL), a producer and fabricator of stainless steel and carbon pipe and piping systems, and producer of specialty chemicals, announces that as previously reported on August 13, 2012, Synalloy entered into an agreement to purchase the stock of Lee-Var, Inc., dba Palmer of Texas.

On August 21, 2012, the Company closed the transaction contemplated by the Stock Purchase Agreement. The acquisition was funded through a Credit Agreement with its current bank to increase the limit of its line of credit by $5,000,000 to a maximum of $25,000,000 and ...