Esmark Completes Acquisitions of Electric Coating Technologies and Sun Steel
02/19/2004 -
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Esmark Completes Acquisitions of Electric Coating Technologies and Sun Steel
Feb. 19, 2004 — The Bouchard Group has completed the acquisitions of Electric Coating Technologies of East Chicago, Ind., and Sun Steel Co. of Chicago Heights, Ill. Terms of the acquisitions were not disclosed.
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The corporate name Esmark was chosen as a revival of the well-known Chicago consumer products conglomerate built under the guidance of Donald P. Kelly in the 1980s. Esmark was recognized as a well-managed holding company which owned nationally recognized consumer brands such as Tropicana, Swift, and Beatrice Foods. "The Kelly's have been friends of the family for three decades," noted Craig T. Bouchard, CEO of the Bouchard Group. "We admired their management philosophy and asked Don if we could utilize the Esmark trademark to help us build a similar management structure in the steel industry." |
Electric Coating Technologies (ECT), a metals coatings and finishing concern, and Sun Steel, one of the largest cold-rolled steel service centers in the U.S., now become operating units Esmark, a Chicago-based holding company formed to hold the Bouchard Group's steel industry assets.
"The current industry marketplace presents an excellent opportunity to acquire profitable steel companies and accumulate related assets in the Chicago manufacturing sector," said James P. Bouchard, CEO of Esmark. "In the 55 years my family has been in the steel business, there has never been a better buying opportunity."
Bouchard said that Esmark's ultimate goal is to create a family of tightly-integrated companies and strategic partnerships that will operate its cold-rolled, hot-rolled and coated steel operations at full capacity. The Esmark subsidiaries will be independently managed and quick to react to opportunities within their respective markets, Bouchard said.
Bouchard, a former U.S. Steel—Europe executive with considerable global experience, added that Esmark is nearing completion of negotiations that will further expand the size and scope of the company. Esmark intends to focus on Chicago and the Midwest as it targets additional steel-related acquisitions.
Headquartered in Chicago, Esmark is a steel services company founded in 2004 by James P. Bouchard and Craig T. Bouchard. The mission of Esmark is to establish the benchmark standards for strategic consolidation, operating efficiency, and management excellence in the global steel service sector. Electro Coating Technologies and Sun Steel Co. offer a comprehensive range of steel processing and metals finishing services, specializing in electrogalvanizing and processing of ferrous and nonferrous flat-rolled metals.
