SAMUEL ANNOUNCES AGREEMENT TO SELL WESTERN CANADA AND U.S. CARBON PLATE SERVICE CENTERS TO RUSSEL METALS
Date
12/4/2023 7:18:29 AM
(MENAFN- PR Newswire) OAKVILLE, ON, Dec. 4, 2023 /PRNewswire/ - Samuel, Son & Co., Limited (Samuel), a leading metals distributor and industrial products manufacturer, today announced that it has entered into an agreement to sell its Western Canadian and U.S. carbon plate Service Center operations to Russel Metals
Inc.
(Russel) for approximately $225 million, subject to closing working capital and other normal course adjustments.
The
transaction
is
subject
to
regulatory
approval and other customary closing conditions.
Colin Osborne, President and CEO of Samuel, stated, "Samuel has a longstanding reputation as one of North America's leading metals distribution companies. We will continue to build on this legacy with a Service Center business that will now focus on growing customer relationships in Central and Eastern Canada and the U.S., while simultaneously accelerating our investment in additional growth opportunities across the business. We are proud of the strength of the operations we are selling to Russel, which we believe can be made even stronger as part of this newly combined business. On behalf of Samuel, I would like to extend our appreciation
to
the
team
members who
will
be
joining
Russel for
playing
such
an
important role in our Service Center business."
Western Canada Service Center locations in Winnipeg, MB; Nisku, AB; Calgary, AB; Surrey, BC;
and
Langley,
BC
will
be
included
in
the
transaction. U.S.
carbon
plate
branches in
Neville Island, PA and Buffalo, NY will also be part of the transaction.
Following
the
anticipated
close
of
this
transaction,
Samuel
will
continue operating
a
leading network
of
Service
Center locations
across
North
America,
in
addition
to
its
automotive
and diversified manufacturing divisions.
About
Samuel
Founded in 1855, Samuel, Son & Co., Limited, is a family-owned integrated network of metal manufacturing, processing and distribution divisions. Samuel employees provide metals, industrial products and related value-added services from locations across North America. The company
leverages
its
industry
expertise,
breadth
of
experience
and
the
passion of
its
people
to help
drive
success
for North
American
business
–
one
customer at
a
time. For
more
information visit Samuel.
SOURCE Samuel Son & Co., Limited
MENAFN04122023003732001241ID1107531611
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.