Los Angeles, California-based service center Reliance Steel & Aluminum Co. announced Monday that its wholly-owned subsidiary Precision Strip, Inc. will acquire substantially all of the assets of the Worthington Steel Vonore, Tennessee plant, a processing facility owned by Worthington Industries, Inc. The transaction is expected to be completed within 30 days, subject to the successful completion of due diligence. Worthington Industries acquired the assets of the plant in early 2011.
Upon completion of the acquisition, the Vonore plant is expected to operate as a Precision Strip, Inc. location that will process and deliver carbon steel, aluminum and stainless steel products on a "toll" basis, processing the metal for a fee without taking ownership of the metal. Precision Strip currently operates eleven tolling facilities throughout the United States and Mexico.