Reliance’s Encore buy to fill Canada gap
Dec 29, 2006 | 09:53 AM
| Frank Haflich
After more than 35 acquisitions in the past dozen years, it might be presumed that there's no regional market that isn't covered thoroughly by Reliance Steel & Aluminum Co. But Reliance's pending acquisition of Encore Group's metals service center companies is due to give it a strong presence in western Canada for the first time.
"This gives us exposure to an area of North America where we didn't have much exposure to start with," David H. Hannah, chief executive officer of Los Angeles-based Reliance, said in a brief telephone interview.
Reliance said this past week that it would acquire Encore, which had 2005 sales of Canadian $254.8 million ($219.5 million). The terms of the deal were not disclosed, but the transaction is expected to be complete in the first quarter (AMM, Dec. 29).....
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