by Matthew Sznewajs and Ganna Yevtushenko, PiperJaffray

Continued favorable conditions in the nonresidential construction market are likely to spur increased M&A activity, as manufacturers/ fabricators and distributors will seek to continue to expand their product offering, geographic footprint and value-added services to more efficiently serve their customers. In fact, merger activity has increased in the past 18 months, with 27 mergers or acquisitions year-to-date in 2006. As strength continues to build in the nonresidential construction markets, we expect to see further consolidation across all aspects of the value chain . . .

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