SPARTANBURG, S.C., May 7, 2015 (GLOBE NEWSWIRE) -- Synalloy Corporation (Nasdaq:SYNL), a growth oriented company that engages in a number of diverse business activities including the production of stainless steel pipe, fiberglass and steel storage tanks, and specialty chemicals and the master distribution of seamless carbon pipe and tube, today reported that its fiberglass tank fabrication facility at the Palmer of Texas complex suffered fire damage in the early morning hours of April 30th. There were no injuries or casualties as a result of the incident and no other Palmer of Texas operations are impacted.
The fire was quickly contained and caused minor structural damage as well as damage to the electrical system and overhead cranes. Synalloy expects to complete repairs to the facility and resume operations within the next four weeks. The losses are fully insured, including business interruption coverage. Accordingly, the company does not expect a material impact on 2015 revenues and net earnings as a result of this incident.
"We appreciate the quick and professional response of the Andrews Volunteer Fire Department," said Robbie Watters, Palmer's Vice President of Operations. "While there will be some short-term delays in fiberglass tank deliveries, we are working to minimize the impact on our customers."
For more information about Synalloy Corporation, please visit our web site at www.synalloy.com.
Forward-Looking Statements
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