TORONTO, Feb. 21, 2018 /CNW/ - Russel Metals Inc. (RUS -
TSX) announced that it has entered into an agreement to acquire the
operating assets and facilities of DuBose
Steel.
DuBose Steel is a full line
structural steel service center operation with value-added
processing capabilities serving customers along the east coast and
south eastern United States from
its facilities located in Roseboro and Fayetteville, North
Carolina. Revenues for DuBose
Steel were approximately CDN$85
million during its last fiscal year. The current
management team will remain in place and Tom Harrington will continue to serve as
President of DuBose Steel.
John Reid, President and Chief
Operating Officer of Russel Metals stated, "We are extremely
pleased to have entered into this agreement with DuBose Steel. DuBose is a strategic fit
which will allow us to further expand our United States footprint with a highly
regarded and well established steel service center with a veteran
management team."
Tom Harrington, President of
DuBose Steel stated "We are very
excited to announce that we have entered into this agreement with
Russel Metals. We believe our customers will be well-served
by this transaction and we are eager to join Russel Metals'
team."
The transaction is expected to close in the second quarter of
2018.
Russel Metals is one of the largest metals distribution
companies in North America. It carries on business in three
metals distribution segments: metals service centers, energy
products and steel distributors, under various names including
Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Alberta
Industrial Metals, Apex Distribution, Apex Monarch, Apex Remington,
Apex Western Fiberglass, Arrow Steel Processors, B&T Steel,
Baldwin International, Color Steels, Comco Pipe and Supply, Fedmet
Tubulars, JMS Russel Metals, Leroux
Steel, McCabe Steel, Mégantic
Métal, Métaux Russel, Métaux Russel Produits Spécialisés, Milspec,
Norton Metals, Pioneer Pipe, Russel Metals Processing, Russel
Metals Specialty Products, Russel Metals Williams Bahcall, Spartan
Energy Tubulars, Sunbelt Group, Triumph Tubular & Supply,
Wirth Steel and York-Ennis.
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SOURCE Russel Metals Inc.