Mayville up on deal to buy Mid-States Aluminum for $96 mln

Mayville Engineering

20/06/2023 16:15

** Shares of metal component maker Mayville Engineering Co
Inc  MEC.N  rise as much as 6% to $14.93
    ** MEC to buy privately held Mid-States Aluminum Corp for
about $96 million 
    ** Mid-States Aluminum offers services which include design,
engineering, extrusions, fabrication and packaging among others
    ** Buyout deal expected to close during Q3 2023 - MEC
    ** Upon closing, MEC says deal will be immediately accretive
and it expects significant synergies during the next three years
    ** Stock has risen ~18% so far this year

 (Reporting by Ananya Mariam Rajesh in Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; Twitter: https://twitter.com/AnanyaMariam))