Harris Steel to buy Tru-Weld Grating

Harris Steel Group Inc. has agreed to pay about $21-million (U.S.) for privately held Tru-Weld Grating Inc. and its Canadian subsidiary, Tru-Weld Grating Ltd., including certain liabilities. Toronto-based Harris Steel said yesterday it expects this acquisition to add to its earnings by 9 to 13 cents (Canadian) a share annually. Tru-Weld operates three combined manufacturing and fabrication facilities processing steel bar grating in Litchfield, Ill., Saegertown, Pa., and Wetaskiwin, Alta. Harris Steel's Fisher & Ludlow division operates one factory in Ontario and seven fabrication and distribution centres, three of which are in Canada and four in the United States. Harris Steel Group is engaged in the fabrication and placing of concrete reinforcing steel, including epoxy-coated reinforcing steel. HSG (TSX) rose 25 cents to $27.50. CP