Reliance Steel acquires Precision Strip

Reliance Steel acquires Precision Strip

US' metal service center company Reliance Steel & Aluminum Co. has announced that it has completed its previously disclosed acquisition of Precision Strip, Inc. located in Minster, Ohio. The company purchased all of the stock of Precision Strip, Inc. and its related entity for $220 million in cash and assumed approximately $26 million debt. The acquisiton was funded on July 1 , 2003 with an existing line of credit and $135 million in new notes. Furthermore, Precision's all current management and employees will remain in place at Precision. The company will also operate as a wholly Reliance subsidiary. Precision Strip processes and delivers carbon steel, aliminum and stainless steel products. The company facilities are located in Kenton, Middletown, Minster and Tipp City, Ohio; Anderson, Indianapolis; Bowling Green Ky. and Talladega, Alabama. US's one of the largest metals service center company Reliance Steel & Aluminum Co. provides value added metals processing services and distributes a full line of over 85'000 metal products through a network of over 90 metals processing and distribution facililities in over 25 states, Belgium, France and South Korea. These products include galvanized, hot rolled and cold finished steel, stainless steel, aluminum, brass, copper, titanium and alloy steel.