North American service centre chain Russel Metals plans to acquire the southern US metal service centre chain Boyd Metals in a $110 million deal, Kallanish understands.
Boyd Metals has five service centres operating in the southern US with two locations in Arkansas, one location in Missouri, one location in Oklahoma, and one location in Texas.
According to Russel, the recent acquisition is part of the company’s ongoing repositioning efforts to increase both its returns and revenues.
“We believe their culture, experienced management team and business platforms are very much aligned with our existing business as we look to further expand our US service centre footprint. We look forward to having all of the Boyd employees as part of the Russel family,” says Russel ceo John Reid.
Recently, Russel earned CAD 132 million ($106m) on sales of CAD 1.11 billion in the third quarter of 2021 (see related story).
Zach Johnson USA