TORONTO, Feb. 21, 2018 /CNW/ - Russel Metals Inc. (RUS - TSX) announced that it has entered into an agreement to acquire the operating assets and facilities of DuBose Steel.
DuBose Steel is a full line structural steel service center operation with value-added processing capabilities serving customers along the east coast and south eastern United States from its facilities located in Roseboro and Fayetteville, North Carolina. Revenues for DuBose Steel were approximately CDN$85 million during its last fiscal year. The current management team will remain in place and Tom Harrington will continue to serve as President of DuBose Steel.
John Reid, President and Chief Operating Officer of Russel Metals stated, "We are extremely pleased to have entered into this agreement with DuBose Steel. DuBose is a strategic fit which will allow us to further expand our United States footprint with a highly regarded and well established steel service center with a veteran management team."
Tom Harrington, President of DuBose Steel stated "We are very excited to announce that we have entered into this agreement with Russel Metals. We believe our customers will be well-served by this transaction and we are eager to join Russel Metals' team."
The transaction is expected to close in the second quarter of 2018.
Russel Metals is one of the largest metals distribution companies in North America. It carries on business in three metals distribution segments: metals service centers, energy products and steel distributors, under various names including Russel Metals, A.J. Forsyth, Acier Leroux, Acier Loubier, Alberta Industrial Metals, Apex Distribution, Apex Monarch, Apex Remington, Apex Western Fiberglass, Arrow Steel Processors, B&T Steel, Baldwin International, Color Steels, Comco Pipe and Supply, Fedmet Tubulars, JMS Russel Metals, Leroux Steel, McCabe Steel, Mégantic Métal, Métaux Russel, Métaux Russel Produits Spécialisés, Milspec, Norton Metals, Pioneer Pipe, Russel Metals Processing, Russel Metals Specialty Products, Russel Metals Williams Bahcall, Spartan Energy Tubulars, Sunbelt Group, Triumph Tubular & Supply, Wirth Steel and York-Ennis.
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SOURCE Russel Metals Inc.
For further information: Marion E. Britton, Executive Vice President and Chief Financial Officer, Russel Metals Inc., (905) 819-7407, E-mail: [email protected], Web site: www.russelmetals.com