June 01--Atkore International, a Harvey-based electrical products maker with its biggest plant in the south suburb, plans to go public, selling 12 million shares for $20 to $22 a share, according to a Securities and Exchange Commission filing Tuesday.
All of the proceeds will go to its New York-based private-equity owner, Clayton, Dubilier Rice, which last week helped take Rosemont-based US Foods public. Clayton's stake in Atkore after the initial public offering will fall to about 80 percent from 99 percent.
Atkore's 27 properties include a 1 million-square-foot facility in Harvey.
In August 2015, Atkore announced plans to leave its fence and sprinkler steel pipe and tube product lines business. "The fence and sprinkler exit will result in headcount reductions in the company's Philadelphia, Phoenix and Harvey facilities," Atkore's SEC filing said. As of March, Atkore had about 3,200 full-time workers, with about a third of its U.S. employees belonging to unions.
The company couldn't be reached for immediate comment.
In the third quarter of fiscal 2014, in connection with labor talks, Atkore experienced a weeklong work stoppage at its Harvey facility. It characterized its relationship with employees as "good," and the labor contract at the Harvey plant expires in April 2017, according to the filing.
Its stock will trade on the New York Stock Exchange under the symbol ATKR.
Atkore, which serves construction and renovation markets, was part of Tyco International until about 2010. It earned $14.6 million on sales of $1.58 billion in the year ended March 25.
byerak@tribpub.com
