Olympic Steel Inc. today announced that it has acquired the assets of Shaw Stainless and Alloy, Inc. The all-cash purchase is immediately accretive. Terms were not disclosed.
The acquisition includes Shaw’s stainless steel distribution and fabrication businesses as well as its architectural and barrier defense businesses. Shaw will be incorporated into Olympic Steel's specialty metals segment, led by Andy Markowitz, President – Specialty Metals. The Shaw team will report to Zachary J. Siegal, Olympic Steel’s Vice President – Strategic Development.
“Shaw expands our specialty metals footprint and our product and processing offerings to our customers,” said Andrew Greiff, President and Chief Operating Officer. “The acquisition also continues our strategic growth into metal-intensive end-use products, building on the success we have experienced with both our Wright self-dumping hoppers and EZ-Dumper truck inserts. As with our previous acquisitions, we expect to realize commercial synergies that will advance our efforts to produce consistently stronger earnings and shareholder returns.”
Shaw, based in Powder Springs, Georgia, is a full-line distributor of stainless steel sheet, pipe, tube, bar and angles. The company also manufactures and distributes stainless steel bollards and water treatment systems. Founded in 1979, Shaw operates approximately 120,000 square feet of warehouse and fabrication space in Marietta, Hiram, Powder Springs and Albany, Georgia. It will continue to operate as Shaw Stainless and Alloy, an Olympic Steel company, led by its existing management team, including President Bryan Shaw.