Gerdau Ameristeel has announced that its joint venture, leading US reinforcing steel contractor Pacific Coast Steel (PCS), has agreed to purchase the assets of Las Vegas-based reinforcing steel contractor Valley Placers Inc. (VPI).
Terms of the transaction, expected to close in 30 days, were not disclosed.
"Our participation in the Las Vegas market has increased considerably in the past nine months," PCS president Eric Benson said in a press release. "Valley Placers gives us the local presence needed to support our growth and will provide us immediate access to a broader range of market opportunities here."
Gerdau Ameristeel VP of Commercial and Downstream Operations, J. Neal McCullohs, commented on the transaction, "This further supports our approach to strategically grow our downstream operations in the West. VPI can be supported by our recently purchased mill in Oklahoma, and will easily roll into the PCS organizational structure."
VPI operates a steel fabrication facility and retail construction supply business in addition to its contracting activities and employs more than 110 field ironworkers. The company specializes in smaller commercial, retail, and public works projects.
San Diego, CA-based PCS specializes in the furnishing and installation of reinforcing steel and post-tensioned products and employs a workforce of over 1,000 across the US.