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Slide #38. Reliance Steel & Aluminum Co. — Sunbelt Steel Texas, LLC
Reliance Steel & Aluminum Co. (NYSE:RS)
Sunbelt Steel Texas, LLC
Reliance Steel & Aluminum Co. announced that effective October 1, 2012, it has acquired all the outstanding limited liability company interests of Sunbelt Steel Texas, LLC, a value-added distributor of special alloy steel bar and heavy-wall tubing products to the oil and gas industry. Sunbelt was founded in 1986 and is now headquartered in Houston, Texas with an additional location in Lafayette, Louisiana. Net sales of Sunbelt for the twelve months ended December 31, 2011 were approximately $48 million. Sunbelt will operate as a wholly-owned subsidiary of Reliance Steel & Aluminum Co. Current management will remain in place with Michael Kowalski continuing as President of Sunbelt. The majority shareholder of Sunbelt, an affiliate of Freestone Partners, LLC of Houston, Texas, and the other selling shareholders were represented by Quarton Partners. Terms were not disclosed.
Reliance Steel & Aluminum is a metals service center company. Co. provides metals processing services and distributes a line of metal products, including alloy, aluminum, brass, copper, carbon steel, stainless steel, titanium and specialty steel products, to its customers in a range of industries, including general manufacturing, non-residential construction (including infrastructure), transportation (rail, truck trailer and shipbuilding), aerospace and defense, energy (oil and gas), electronics and semiconductor fabrication, and heavy industry (agricultural, construction and mining equipment). Co. also services the auto industry, primarily through its toll processing operations.
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Hold (2.29 out of 4)
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