TORONTO, Dec. 22, 2020 /CNW/ - Russel Metals Inc.
(TSX: RUS) announces that it has entered into an agreement to
acquire Sanborn Tube Sales of Wisconsin, Inc. ("Sanborn"). The closing
is expected to occur on or prior to December
31, 2020.
Sanborn is a metals service center with a heavy emphasis in
value-added processing. The Sanborn operation, based in
Pewaukee, Wisconsin, is in close
proximity to our three Wisconsin
service centers and offers the opportunity for the combined
business to expand our product offering. Over the past
several years, Sanborn generated annual sales of approximately
US$19 million across a diverse base
of industrial customers.
John Reid, President and CEO of
Russel commented, "Sanborn is a well-established company that
dovetails nicely into our existing business in the mid-west
region. Sanborn has been both a customer and supplier to
Russel's Wisconsin division,
Russel Metals Williams Bahcall, and Sanborn's value-added
processing capabilities accelerate our strategic plans in the
area. We look forward to having all of the Sanborn employees
as part of the Russel family."
About Russel Metals
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. Its network of metals service centers
carries an extensive line of metal products in a wide range of
sizes, shapes and specifications, including carbon hot rolled and
cold finished steel, pipe and tubular products, stainless steel,
aluminum and other non-ferrous specialty metals. Its energy
products operations carry a specialized product line focused on the
needs of energy industry customers. Its steel distributors
operations act as master distributors selling steel in large
volumes to other steel service centers and large equipment
manufacturers mainly on an "as is" basis.
If you would like to unsubscribe from receiving Press
Releases, you may do so by emailing info@russelmetals.com; or by
calling our Investor Relations Line: 905-816-5178.
View original
content:http://www.prnewswire.com/news-releases/russel-metals-announces-agreement-to-acquire-sanborn-301197082.html
SOURCE Russel Metals Inc.