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Russel Metals to Acquire Norton Metal Products
11/11/2008 - Russel Metals Inc. has entered into a stock purchase agreement to acquire 100% of the outstanding capital stock of Norton Metal Products, a family-owned metals service center located in Fort Worth.
Russel Metals Inc. has entered into a stock purchase agreement to acquire 100% of the outstanding capital stock of Norton Metal Products, Inc., a U.S.-based, family-owned metals service center.
“The acquisition of Norton is a valuable strategic extension of our JMS Russel Metals operations,” commented Brian Hedges, Executive Vice President and Chief Operating Officer. “This acquisition increases our geographic presence in the southern United States.”
“The acquisition of Norton is a valuable strategic extension of our JMS Russel Metals operations,” commented Brian Hedges, Executive Vice President and Chief Operating Officer. “This acquisition increases our geographic presence in the southern United States.”
The Norton family has been in the steel industry since 1952. They operate a general line steel distribution center located in Fort Worth, Texas. Norton had annual revenues of approximately CDN$70 million for the twelve months ended September 30, 2008.
“The Norton reputation in the Dallas/Fort Worth area is a valuable asset,” added Hedges, “and we will continue to use the Norton name in the future.”
“The Norton reputation in the Dallas/Fort Worth area is a valuable asset,” added Hedges, “and we will continue to use the Norton name in the future.”
The transaction is expected to close November 28, 2008.
Russel Metals, one of the largest metals distribution companies in North America, carries on business in three distribution segments: metals service centers, energy tubular products and steel distributors. The company conducts business under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Acier Richler, Arrow Steel Processors, B&T Steel, Baldwin International, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, Megantic Metal, Metaux Russel, Metaux Russel Produits Specialises, Milspec Industries, Pioneer Pipe, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Spartan Steel Products, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.
