Royal Laser Terminates Acquisition of Hamilton Specialty Bar
03/13/2007 -
March 13, 2007 — Royal Laser Corp. announced that it has terminated all steps to acquire the creditor-protected assets of Hamilton Specialty Bar Corp. (HSB), as was previously announced on January 31, 2007.
Royal Laser Management made its decision as a result of unsuccessful negotiations with United Steel Workers Local 4752, HSB's labor union.
Royal Laser had identified several key business points as critical to the successful completion of its purchase of HSB’s assets, including reaching favorable business terms with HSB in an asset purchase agreement and obtaining an agreement from the Union.
“Although we are disappointed that we were unable to reach a deal with the United Steel Workers, Royal Laser remains committed to seek opportunities to fill capacity and increase our revenues,” commented Bill Iannaci, Royal Laser's CEO. “As far as further acquisitions go, we will continue to consider strategic business opportunities that prove to be compatible with our prudent and profitable strategy for growth.”
Royal Laser Corp., through its wholly-owned operating subsidiaries, manufactures custom wood and metal products targeted at the multi-billion-dollar high-end retail in-store development industry, the OEM industrial products, automotive and construction industries, in Canada, the United States and increasingly, overseas. The company fabricates custom and standardized wood and metal products, including robotic wood finishing lines, advanced laser-based computer-integrated manufacturing systems and advanced stamping presses. In addition to contract manufacturing services, Royal Laser also provides value-added engineering and design services.
Hamilton Specialty Bar Corp. (HSB) is a major Canadian company manufacturing specialty steel bar products in carbon and low alloy steels serving a broad variety of specialty bar markets throughout the world. Founded in 1910 as a rail re-rolling mill, the company was later known as Slater Steels—Hamilton Specialty Bar before its acquisition by Delaware Street Capital in 2004
