Los Angeles, California-based Reliance Steel and Aluminum Company announced October 1 that it has acquired the outstanding capital securities of Diamond Consolidated Industries, Inc. and affiliated companies. The entities included in the merger are the Diamond Manufacturing companies in Wyoming, Pennsylvania and Michigan City, Indiana. The acquisition also incorporates Charlotte, North Carolina-based Perforated Metals Plus, distributor of perforated metals, and Dependable Punch Corporation, a manufacturer of custom punches for tools and dies, also located in Wyoming, Pennsylvania.
The combined sales of Diamond and its affiliated companies for the nine months ended September 30 2010 were approximately $75 million. All the businesses will operate as divisions of Diamond Manufacturing Company, that will operate as a subsidiary of Reliance Steel & Aluminum Co. Current management will remain in place with Charles (Rusty) D. Flack, Jr. serving as Chief Executive Officer of Diamond.
David H. Hannah, Chairman and CEO of Reliance, has said that "we are very pleased to have Diamond join the Reliance family of companies. We believe they are the premier perforated metals specialists in the United States. In addition to expanding Reliance's product line into perforated metals, it also enhances our processing breadth with high value-added services."