September 1, 2009 (FinancialWire) — Canadian industrial products firm Samuel Manu-Tech Inc. (TSX: SMT) (OTC: SAMTF) said it has acquired the principal assets and all of the business operations of Piling Products, Inc., a Florida based distributor of hot rolled and cold formed steel sheet piling.

The purchase price is $12.6 million plus a potential earn-out payment not to exceed $2.2 million.

Samuel Manu-Tech said it expects the acquisition to be accretive to earnings in its first full year of operations. Existing senior management will continue with the business. Funding for the acquisition came from Samuel’s existing revolving credit facility.

The company said that the acquisition extends Samuel’s existing sheet piling business and provides sales coverage in the southern U.S. states, giving the company’s Roll form Group coast-to-coast sales coverage.

PPI reported annual sales for the company’s most recently completed fiscal year ended March 31 of around U.S. $12 million.

Toronto-based Samuel Manu-Tech is a North American industrial products and technology company producing a range of steel, plastic and related industrial products and services from locations in Canada, the United States and Mexico.

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