"The addition of Pinnacle Metals marks the completion of Phase I in Tri Star Metals' North American expansion strategy," said Dan Buba, Chief Executive Officer of Tri Star Metals. "Pinnacle Metals is a fast-growing, profitable market leader, and we believe the combination of its manufacturing experience and facilities with our existing reputation as an international manufacturing and distribution organization with financial soundness, quality service and distribution excellence will ultimately enhance our joint ability to serve the world's market."
The merger expands Tri Star Metals' North American footprint via the addition of a 130,000 square-foot manufacturing facility in Freeport, Illinoois and establishes Tri Star Metals as a fully integrated wire mill with multiple shipping locations and two production facilities. The Company will immediately increase manufacturing capacity at the new facility by repurposing 35,000 square feet (or 27 percent) to add equipment that supports new growth markets, such as annealing and drawing capacity for stainless and nickel alloy rod, bar and wire. Tri Star Metals believes the increase in production will allow it to better serve customers by establishing a global production platform with manufacturing facilities in North America as well as Europe.Tri Star Metals completes merger with Pinnacle Metals
USA, Chicago, Illinois-based Tri Star Metals Inc. LLC Wednesday announced it completed its merger with Pinnacle Metals, Inc., a privately held wire and bar, stainless steel, and nickel alloys production-company. This merger adds Pinnacle to Tri-Star Metals' family-owned group of stainless steel and nickel alloy companies. Pinnacle Metals will operate as Tri Star-Pinnacle Metals through the year-end, at which point in time it will assume the Tri Star Metals name.
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