Reliance buying Canada’s Encore Group
Dec 28, 2006 | 07:57 AM
| Philip Burgert
Almost three years after spinning off from Corus Group Plc, Canadian metals distributor Encore Group plans to give up its independence and be acquired by Reliance Steel & Aluminum Co.
Los Angeles-based Reliance said it had agreed to buy the net assets and business of Edmonton, Alberta,-based Encore, including Encore Metals Inc., Encore Metals (USA) Inc., Encore Coils Inc. and Team Tube Ltd.
Terms of the acquisition of the group, which had net sales last year of Canadian $254.8 million ($219.4 million), were not disclosed.
Encore, which handles specialty metals, alloys, carbon flat-rolled steel, tubing and bar, was organized in 2004 in a buyout from Anglo-Dutch steel and aluminum producer Corus by HSBC Capital (Canada) Inc. and 17 managers of the 12 service centers then operated by the group.....
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