August 11, 2009 (FinancialWire) — Argan, Inc. (AMEX: AGX) (Current Market Cap: $181.78 Mil.) said it has signed a letter of intent to purchase United American Steel Constructors, Inc., which is also known as Unamsco, for around $50 million in cash and stock.

Unamsco is a private company operating two wholly-owned subsidiaries, National Steel Constructors, and Peterson Beckner Industries.

In 2008, Unamsco reported annual revenues of around $84 million and EBITDA of around $19 million.

Rockville, Maryland-based Argan’s primary business is designing and building energy plants through its Gemma Power Systems subsidiary. These energy plants include traditional gas as well as alternative energy including biodiesel, ethanol, and renewable energy sources such as wind power.

Argan also owns Southern Maryland Cable and Vitarich Laboratories.

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