NEW YORK, March 1 (UPI) -- The Carlyle Group will pay $500 million to buy New Jersey-based John Maneely Co., a maker of steel pipes and tubes.
JMC, with seven plants and 1,700 employees, had annual revenues last year of $715 million and is the parent of Wheatland Tube Co. and Seminole Tubular Products Co.
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Carlyle plans to cut costs in a bid to compete more effectively with less-expensive Chinese imports, the Wall Street Journal said Wednesday.