Cleveland, Ohio-based Flack Steel Ltd. announced this week that it has completed a transaction with Consolidated Systems, Inc. (CSi), for the purchase of selected assets of its Consolidated Metal Products (CMP) business. The acquisition expands Flack Steel's product offering and market penetration opportunities for bare and painted carbon, galvanized, stainless steel, and aluminum. It will also raise Flack Steel's consolidated annual revenue to an excess of $300 million. Terms of the deal were not disclosed.
The deal includes the working capital and associated nonphysical assets, including the trade name, of Consolidated Metal Products. The deal does not include the coil coating line and processing equipment in Columbia, South Carolina.
CMP will continue to supply painted and processed metal products for the construction, appliance and transportation verticals. Per the agreement, more than 20 CMP purchasing, sales, quality and marketing professionals will bring their expertise to Flack Steel, a consultative metal service center that helps its customers secure long-term pricing to minimize market volatility. They will continue to operate out of the Columbia, South Carolina office.
The acquisition expands Flack Steel's geographic presence with more than 50 industry professionals across offices in Cleveland, Ohio; Chicago, IL; Scottsdale, AZ; and Columbia, SC.