Reliance Steel & Aluminum Co. Completes Acquisition of Precision Strip, Inc.
July 7, 2003
Reliance Steel & Aluminum Co., a metals service center in Los Angeles, Calif., completed its previously disclosed acquisition of Precision Strip Inc., a metals processing company headquartered in Minster, Ohio. The Company purchased all of the stock of Precision Strip, Inc. and its related entity for $220 million in cash, plus the assumption of approximately $26 million of debt. The acquisition will be immediately accretive to Reliance's earnings. Precision Strip will operate as a wholly owned subsidiary of Reliance, and all current management and employee associates will remain in place. Precision Strip's processing activities consist primarily of slitting and blanking flat-rolled products and include approximately 65% carbon steel, 20% aluminum and 15% stainless steel products with facilities in Minster, Kenton, Middletown, and Tipp City, Ohio; Anderson and Rockport, Ind.; Bowling Green, Ky.; and Talladega, Ala.