Samuel, Son & Co. has agreed to sell carbon steel plate service centres in North America to Russel Metals for $225 million, Kallanish reports.
The transaction involves seven service-centre locations in the northeastern United States and western Canada. The arrangement is still pending regulatory approval and customary closing conditions, according to the statement from Oakville, Ontario-based Samuel.
Samuel intends to continue operating its remaining automotive and manufacturing divisions along with its network of US and Canadian service centres.
“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 centre business that will now focus on growing customer relationships in central and eastern Canada and the US, while simultaneously accelerating our investment in additional growth opportunities across the business,” Colin Osborne, Samuel’s ceo, says in a press release.
The transaction includes US carbon steel plate branches in Neville Island, Pennsylvania, and Buffalo, New York. Canadian service centre sites in the sale include Winnipeg, Manitoba; Nisku and Calgary, Alberta; and Surrey and Langley, British Columbia.
Kristen DiLandro USA