Duisburg, Germany-based steel and non-ferrous metal distributor Klöckner & Co. SE has announced that it will acquire California, US-based metals processor and distributor Macsteel Service Centers USA from Macsteel Global B.V.
According to a company statement, a memorandum of understanding has been signed for the acquisition of Macsteel Service Centers USA through Klöckner & Co.'s US subsidiary Klöckner USA Holdings, and the final agreement is expected to be signed and closed in the beginning of the second quarter of 2011. The transaction will be subject to the approval of the board of directors of both parties as well as the supervisory board of Klöckner & Co. SE and the antitrust authorities.
Macsteel Service Centers USA has a network of 30 locations and processes and distributes carbon, stainless, aluminum and specialty metals to customers throughout North America, Hawaii and Puerto Rico. Products include a full range of flat rolled, plate, tubing, pipe, bar and structural steel with 2010 sales of approximately $1.3 billion and 1,183 employees.
Klöckner & Co. is the largest producer-independent distributor of steel and metal products in the European and North American markets combined. About 178,000 active customers are supplied through around 250 distribution locations by around 9,500 employees in 15 countries in Europe and North America. During the fiscal year 2009, the company achieved sales of approximately €3.9 billion.