Louisville, Kentucky-based Steel Technologies LLC announced Tuesday its agreement to purchase Stripco LLC, Stripco Sales Company, LLC, and Stripco Express Inc. (collectively, “Stripco”). Stripco is a premier value-added steel processor with operations in Mishawaka, Indiana. The transaction has received governmental approval and is expected to close in early May.
Formed in 1984, Stripco has continued to expand its value-added processes, which include pickling, slitting, cold rolling, annealing, oscillating, and edging. Stripco was first in the US to install the Eco Pickling System (“EPS”), an environmentally friendly and superior quality pickle line that produces a clean, consistent surface. Stripco processes and ships over 100,000 tons with revenue exceeding $100 million annually.
The Stripco acquisition will expand Steel Technologies’ North American platform to 25 facilities, including joint-venture operations, located throughout the US, Canada and Mexico. Steel Technologies is owned as a 50-50 joint venture between Nucor Corporation and Mitsui & Co. (USA), Inc.