Lakeside responds to John Maneely's possible interest in acquiring Lakeside
WELLAND, ON,
On
John Maneely is a large U.S. based steel pipe and tube manufacturer. The majority owner of John Maneely is the Carlyle Group, a large private equity firm, based in the U.S. The AMM Article states that: "Barry Zekelman, John Maneely Co's president and chief executive officer, said his firm is feeling acquisitive and has Lakeside Steel Inc. and bankrupt Barzel Industries Inc. in its sights."
Lakeside has not been approached by John Maneely about its possible interest in acquiring the Company. Lakeside has not initiated any process to sell the Company. There is no assurance that John Maneely will approach Lakeside about a possible acquisition or that John Maneely will make any offer to acquire Lakeside. There is also no certainty that even if John Maneely were to approach Lakeside or make an offer to acquire Lakeside that any such acquisition would be completed.
Vic Alboini, Chairman and CEO of Lakeside, stated: "We respect our competitors including John Maneely. We certainly understand that any pipe and tube manufacturer including John Maneely may want to acquire one or more of its competitors to obtain more market share and to prevent competitors from growing through acquisitions.
Lakeside has also invested
Lakeside's management team and its directors are committed to growing its business both organically and through accretive mergers and acquisitions.
About Lakeside Steel Inc.
Lakeside Steel Inc. is the parent company of Lakeside. Lakeside, located in Welland, Ontario, is a diversified steel pipe and tubing manufacturer. Lakeside's list of customers includes large oil and gas, mining, automotive and commercial and industrial supply companies. In addition to supplying its products in these industries, Lakeside manufactures pipe and mechanical tubing for the resale market, which is sold to distributors in Eastern
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For further information: Vic Alboini, Chairman & Chief Executive Officer, Lakeside Steel Inc., (416) 644-8110, Fax: (416) 644-0271, e-mail: [email protected]; Ron Bedard, President & Chief Operating Officer, Lakeside Steel Inc., (905) 735-7473 ext 7294, Fax: (905) 735-9069, e-mail: [email protected]
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