Reliance finishes Chapel acquisition
Reliance Steel & Aluminum Co. has completed its acquisition of Pennsylvanias Chapel Steel Corp. the company announced on Tuesday.
Reliance will pay $94.2 million in cash and assume about $16.8 million in debt for all of Chapels outstanding stock. Chapel will now be a wholly owned subsidiary of Reliance and will immediately assume all of its earnings as its own.
All of Chapels current employees and management will stay at the company with James R. Sutow remaining its President and COO.
Speaking about the acquisitions, Reliance CEO, David H. Hannah said, "The Chapel acquisition will broaden and strengthen our product offerings, add new customers and fit quite well with our existing domestic operations.
Mr. Sutow expressed similar feelings when he said, "The entire Chapel team is excited about our future as a part of Reliance."
Reliance, based in Los Angeles, is one of the largest metals service center companies in the United States. Through its network of more than 100 locations in the
US,
Belgium,
France, and South
Korea, it produces over 90000 metal products including hot-rolled and cold-finished as well as
stainless steel.