Reliance Steel & Aluminum Co. Completes Acquisition of Ferguson Perforating Company
October 03 2017 - 5:50AM
Reliance Steel & Aluminum Co. (NYSE:RS) announced today that
effective October 2, 2017, it has acquired all of the common stock
of Ferguson Perforating Company (“Ferguson”) through Diamond
Manufacturing Company, a wholly-owned subsidiary of Reliance.
Founded in 1927, Ferguson manufactures perforated metal parts
for numerous applications in domestic and international markets.
Ferguson specializes in producing highly engineered and complex
perforated metal for diverse end markets ranging from aerospace and
automotive to industrial machinery, consumer electronics
manufacturers, and sugar producers. The Company is headquartered in
Providence, Rhode Island and operates an additional facility in New
Castle, Pennsylvania. For the year ended December 31, 2016,
Ferguson’s net sales were approximately $31 million. Upon the close
of the transaction, Ferguson’s current Chief Executive Officer will
retire while the rest of the management team will remain in place.
The terms of the transaction were not disclosed.
“Ferguson fits solidly into our growth strategy of
acquiring companies with high value-added processing capabilities
and furthers our product diversification,” commented Gregg Mollins,
President and Chief Executive Officer of Reliance. “The Company is
a very well respected perforator and is known for its ability to
provide highly customized and complex processing solutions.
Ferguson’s skills complement our existing perforator company,
Diamond Manufacturing, and we look forward to the potential
opportunities that may arise as a result of this acquisition.
We are very pleased to welcome Ferguson to the Reliance
family of companies and to expand our presence in this important
niche market.”
About Reliance Steel & Aluminum
Co.Reliance Steel & Aluminum Co., headquartered in Los
Angeles, California, is the largest metals service center company
in North America. Through a network of more than 300 locations in
39 states and twelve countries outside of the United States, the
Company provides value-added metals processing services and
distributes a full line of over 100,000 metal products to more than
125,000 customers in a broad range of industries. Reliance focuses
on small orders with quick turnaround and increasing levels of
value-added processing. In 2016, Reliance’s average order size was
$1,560, approximately 47% of orders included value-added
processing, and approximately 40% of orders were delivered within
24 hours. Reliance Steel & Aluminum Co.'s press releases and
additional information are available on the Company's web site at
www.rsac.com.
Forward-Looking Statements This
press release contains certain statements that are, or may be
deemed to be, forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995.
Forward-looking statements may include, but are not limited to,
discussions of Reliance’s industry and its end markets, its
business strategies and its expectations concerning future demand
and metals pricing and the Company’s results of operations,
margins, profitability, impairment charges, liquidity, litigation
matters and capital resources. In some cases, you can
identify forward-looking statements by terminology such as "may,"
"will," "should," "could," "would," "expect," "plan," "anticipate,"
"believe," "estimate," "predict," "potential" and "continue," the
negative of these terms, and similar expressions.
These forward-looking statements are based on
management's estimates, projections and assumptions as of today’s
date that may not prove to be accurate. Forward-looking
statements involve known and unknown risks and uncertainties and
are not guarantees of future performance. Actual outcomes and
results may differ materially from what is expressed or forecasted
in these forward-looking statements as a result of various
important factors, including, but not limited to, those disclosed
in reports Reliance has filed with the Securities and Exchange
Commission (the "SEC"). As a result, these statements speak
only as of the date that they are made, and Reliance disclaims any
and all obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. Important risks and uncertainties about
Reliance’s business can be found in the Company’s Annual Report on
Form 10-K for the year ended December 31, 2016, filed with the
SEC.
CONTACT: Brenda
MiyamotoInvestor Relations(213) 576-2428investor@rsac.com
or Addo Investor Relations(310) 829-5400
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