Los Angeles, California-based service center Reliance Steel & Aluminum Co. announced Wednesday that it has completed its acquisition of Spring, Texas-based Continental Alloys & Services, Inc., a distributor of steel and alloy pipe, valves, fittings and flanges, and certain of its affiliated companies. The transaction was valued at about $415 million.
In a press release, Reliance said that current management will remain in place with Dale Dendtiz serving as CEO and David Sapunjus serving as President of Continental Alloys & Services. David H. Hannah, Chairman and CEO of Reliance also noted that "This acquisition also aligns well with our diversification strategy adding OCTG products, new processing capabilities, and entry into new international markets."