Reliance to Acquire Continental Alloys & Services
07/15/2011 - Reliance Steel & Aluminum Co. has reached an agreement to purchase all of the outstanding capital securities of Houston, Tex.-based Continental Alloys & Services, Inc. and certain affiliated companies. The transaction is expected to be finalized within 30 days.
Reliance Steel & Aluminum Co. has reached an agreement to purchase all of the outstanding capital securities of Houston, Tex.-based Continental Alloys & Services, Inc. and certain affiliated companies.
Continental and its affiliates had unaudited combined net sales of approximately $196 million for the six months ended June 30, 2011. The transaction is expected to be finalized within 30 days, subject to customary closing conditions. Terms were not disclosed.
Continental Alloys & Services, Inc. is a leading global materials management company focused on high-end steel and alloy pipe, tube and bar products, and precision manufacturing of various tools designed for well completion programs of global energy service companies. It has 12 locations in seven countries including the United States, Canada, United Kingdom, Singapore, Malaysia, Dubai, and Mexico.
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 United Kingdom, 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.
