Optima to acquire KES for $112.5M
Nov 20, 2012 | 05:32 PM
| Michael Cowden
Tags
Optima Specialty Steel,
Kevin Stevick,
ALJ Regional Holdings,
Kentucky Electric Steel,
KES,
John Scheel,
SBQ,
merchant bar quality
steel
CHICAGO — Seamless tube and cold-finished bar producer Optima Specialty Steel Inc. has inked a deal to acquire special bar quality (SBQ) and merchant bar quality steel producer Kentucky Electric Steel LLC (KES) for $112.5 million in cash, according to KES parent ALJ Regional Holdings Inc.
The deal will leave the company with $51 million in cash on hand following the repayment of debt, transaction-related expenses and other costs, Ashland, Ky.-based ALJ said Monday.....
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