Reliance Steel & Aluminum Co. reached an agreement to purchase all of the outstanding capital securities of Continental Alloys & Services Inc. and certain affiliated companies. Headquartered in Houston, Texas, Continental is a global materials management company focused on high-end steel and alloy pipe, tube and bar products, and precision manufacturing of various tools designed for well completion programs of global energy service companies. The company has 12 locations in seven countries.
The transaction is expected to be finalized within 30 days, subject to customary closing conditions. Terms were not disclosed. Reliance Steel & Aluminum Co., headquartered in Los Angeles, Calif., is the largest metals service center company in North America. It provides value-added metals-processing services and distributes a full line of over 100,000 metal products.