FURTHER EXPANSION OF PRESENCE IN NORTH AMERICA
- Acquisition of Premier Steel, Inc., based in Shreveport, Louisiana, USA
- Closing of acquisition of Primary Steel, Inc., based in Middletown, Connecticut, USA
Klöckner & Co AG is expanding its presence in North America even further. The acquisition of Premier Steel, Inc. of Shreveport, Louisiana, closed on May 24, 2007. As a result, the Company has now made another acquisition in the USA. Namasco Corporation, the US country operation of Klöckner & Co, served as the acquiring entity. This new acquisition follows the successful closing of the previously announced acquisition of Primary Steel, Inc. on May 11, 2007. Premier Steel offers a comprehensive range of steel and metal products. The company serves a diverse customer base which includes a significant number of customers involved in various aspects of the energy industry, telecommunication, forestry, general manufacturing and fabrication. It employs 34 people and achieved sales of approximately USD 30 million in 2006.
"Premier Steel is a company with an excellent standing which can be very easily integrated into our existing network in the USA, where it will strengthen the very good market position already enjoyed by Namasco in the southern states of the USA. This new acquisition is in keeping with our aim of persistently expanding our presence in North America,” says Dr. Thomas Ludwig, Chairman of the Board of Management at Klöckner & Co AG.
The recent acquisition of Primary Steel and this new acquisition of and Premier Steel further strengthen the market position of Klöckner & Co AG in North America: the Klöckner & Co subsidiary Namasco, based in Roswell near Atlanta, Georgia, is now set to join the ranks of the top ten North American multi metal distributors.
