Optima Specialty Steel Inc. entered into a definitive merger
agreement with Niagara LaSalle Corp. to acquire 100% of the company. Niagara
LaSalle is a specialty steel processor and North America’s largest independent
manufacturer of high-quality engineered cold-finished steel bars. As a result
of the merger, Niagara LaSalle will become a significant part of Optima
Specialty Steel along with Optima Specialty Steel’s wholly owned subsidiary
Michigan Seamless Tube.
Michigan Seamless Tube is a specialty steel processor and leading
independent manufacturer of value-added precision-tolerance, cold-drawn
seamless tubes. The transaction is expected to close in 2011. Kevin Stevick,
CEO and president of Niagara LaSalle, will become CEO of Optima Specialty
Steel.
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