December 14, 2021 06:50 ET | Source: Reliance Steel & Aluminium Co. Reliance Steel & Aluminium Co.
Los Angeles, California, U.S.
Los Angeles, December 14, 2021 (GLOBE NEWSWIRE) - Reliance Steel & Aluminium Co. (NYSE:RS) announced that it has acquired Admiral Metals Servicecenter Company, Inc. ("Admiral Metals"), a leading non-metallic material Distributor. Ferrous metal products in the northeastern United States. Founded in 1950 and headquartered in Woburn, Massachusetts, Admiral Metals serves a variety of end markets through its eight strategically distributed service center locations, including semiconductor, automotive, medical, infrastructure, aerospace, and industrial markets. The service center provides the next day delivery service. Inventory items. Admiral Metals' wide range of products offers approximately 3,000 SKUs, including aluminum, brass, bronze, copper, stainless steel, and various forms and shapes of steel, including round, hexagonal, rectangular, sheet, square, plate, and pipe. Admiral Metals also provides value-added custom cutting services to its customers. Admiral Metals' annual net sales in 2020 are approximately US$134 million. The terms of the transaction were not disclosed.
Reliance CEO Jim Hoffman commented: “Admiral Metals has established a good reputation in the metal industry, providing professional products, high levels of customer service and next-day delivery.” “Admiral Metals is in line with Reliance’s growth strategy and disciplined acquisitions. The company’s approach, these companies can immediately increase our revenue and complement Reliance’s existing business by increasing our product breadth in specialty non-ferrous metal products. We believe this acquisition will enable Admiral Metals to leverage Reliance’s scale to grasp Further growth opportunities while maintaining its strong brand awareness. We are pleased to welcome Admiral Metals to the Reliance family of companies, this is our 70th acquisition since our initial public offering in 1994."
About Reliance Steel & Aluminium Co., founded in 1939 and headquartered in Los Angeles, California, is the world's leading provider of diversified metal solutions and the largest metal service center company in North America. Through a network of approximately 300 locations in 40 states and 13 countries outside the United States, Reliance provides value-added metal processing services and distributes more than 100,000 metal products to more than 125,000 customers in a wide range of industries. Reliance focuses on small orders with fast turnover and increasing value-added processing. In 2020, Reliance's average order size is US$1,910, approximately 49% of orders include value-added processing, and approximately 40% of orders are delivered within 24 hours. Press releases and other information from Reliance Steel & Aluminium Co. are available on the company's website www.rsac.com.
This press release may contain certain statements that are or may be regarded as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements about Reliance's acquisition of Admiral Metals and discussions of Reliance's industry, end markets, business strategies, expectations for future demand and metal pricing, and the company's operating results, profit margins, profitability, and impairment charges , Taxation, liquidity, litigation matters and capital resources. In some cases, you can identify forward-looking through terms such as "may", "will", "should", "may", "will", "expect", "plan", "anticipate", "believe" and other terms Sexual statement. "Estimate", "Forecast", "Potential", "Preliminary", "Scope" and "Continue", the negative forms of these terms, and similar expressions.
These forward-looking statements are based on management’s estimates, forecasts and assumptions as of today, which may not be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Due to various important factors, including but not limited to the factors disclosed in Reliance's report to the US Securities and Exchange Commission, actual results and results may differ materially from those expressed or predicted in these forward-looking statements ("SFC"). The risks and uncertainties associated with the acquisition include, but are not limited to, the possibility that the expected benefits of the acquisition may not be realized as expected; damage to existing business and operating relationships; and failure to successfully integrate the acquired company. Therefore, these statements are only effective on the date they are made, and Reliance assumes no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or other reasons. Important risks and uncertainties related to Reliance's business can be found in "Item 1A. Risk factors in the company's annual report on Form 10-K submitted to the US Securities and Exchange Commission for the year ended December 31, 2020."
Contact: investor@rsac.com (213) 576-2428
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