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Reliance Steel Acquires Diamond Consolidated Industries and Affiliates
10/04/2010 - Reliance Steel & Aluminum Co. has acquired the outstanding capital securities of Diamond Consolidated Industries, Inc. and affiliated companies. All the businesses will operate as divisions of Diamond Manufacturing Co., which will operate as a subsidiary of Reliance.
Reliance Steel & Aluminum Co. has acquired the outstanding capital securities of Diamond Consolidated Industries, Inc. and affiliated companies.
The operating entities consist of Diamond Manufacturing Co. located in Wyoming, Pa., and Diamond Manufacturing Midwest in Michigan City, Ind., that specialize in the manufacture and sale of specialty engineered perforated materials; Perforated Metals Plus, a distributor of perforated metals located in Charlotte, N.C.; and Dependable Punch Corp., a manufacturer of custom punches for tools and dies also located in Wyoming, Pa.
The combined sales of Diamond and its affiliated companies for the nine months ended September 30, 2010, were approximately $75 million. All the businesses will operate as divisions of Diamond Manufacturing Co., that will operate as a subsidiary of Reliance Steel & Aluminum Co.
Current management will remain in place, with Charles (Rusty) D. Flack Jr. serving as Chief Executive Officer of Diamond. Terms were not disclosed.
“We are very pleased to have Diamond join the Reliance family of companies. We believe they are the premier perforated metals specialists in the United States. In addition to expanding Reliance’s product line into perforated metals, it also enhances our processing breadth with high value-added services,” said David H. Hannah, Chairman and CEO of Reliance.
Reliance Steel & Aluminum Co., headquartered in Los Angeles, Calif., is the largest metals service center company in North America. Through a network of more than 200 locations in 38 states and Belgium, Canada, China, Malaysia, Mexico, Singapore, South Korea, and the U.K., the company provides value-added metals processing services and distributes a full line of more than 100,000 metal products to more than 125,000 customers in a range of industries.
