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The Namasco Corporation with headquarters in Atlanta, Georgia, USA, a country operation of Klöckner & Co Aktiengesellschaft, has signed a contract for acquisition of the distribution company Primary Steel LLC, whose headquarters are in Middletown, Connecticut, USA. The takeover is still subject to approval by the US Antitrust Division.
Primary Steel LLC is a steel distribution company with seven branches in North America. The enterprise is specialized in the distribution and preprocessing of flat steel products, particularly plates. Primary Steel LLC has around 412 employees and achieved sales of $467 million in 2006.
Through this acquisition Klöckner & Co substantially augments activities on the US market with sales growth of more than 60 percent. The strategic goal of further expanding the market position in North America is thus given a strong boost.