Burnham Corp. announced that they have entered into a merger agreement to acquire all of the outstanding common stock of Bryan Steam Corp. for $152 million in cash. The total value of the transaction is approximately $30.4 million.
Burnham, based in Lancaster, Pa., has been a leader in the American hydronics industry since 1873 and had annual sales in 1997 of $174.6 million. Bryan, a manufacturer of watertube boilers, is located in Peru, Ind. Bryan has been in business since 1916 and had sales of $26.3 million in the fiscal year ended June 30, 1998.
Bryan will operate as a wholly owned subsidiary of Burnham. Jesse McVay will remain as president of Bryan and become part of Burnham's senior management.