The company said the combined businesses, which will operate as Bristol Metals LLC, will have a market share approaching 40%. 

"The combined capacity of the two operations will exceed 70 million pounds annually across all product lines. At 2014 pricing and demand levels, the new Bristol Metals LLC has the potential to generate in excess of $150 million in annual revenue,” Synalloy president and chief executive Craig Bram said.  

Through the asset purchase deal, the company primarily is buying Marcegaglia’s manufacturing equipment and inventory. The agreement, however, excludes galvanized and ornamental tubing products.  The Pittsburgh facility has 16 production lines that use high-frequency induction welding, laser welding and TIG welding. It also has finishing and testing equipment and three polishers, according to Marcegaglia’s website.

Synalloy said it will continue to operate in Pittsburgh as well as in Bristol, Tenn.

“We will spend the balance of 2017 integrating the sales and operations of the two companies and expect a smooth transition,” said Synalloy Metals president Kyle Pennington said in a statement.

“The acquisition of Marcegaglia USA's laser and TIG mills enhances our on-going business with additional capacity and technological advantages. Bristol Metals LLC will have the most extensive product line and capacity in the industry. We can now offer a full range of tubing products to support our new heavy wall capabilities and traditional welded pipe markets,” he added.