NEW YORK Steel Technologies LLC has entered into an agreement to purchase toll processor Stripco LLC for an undisclosed amount.
"The transaction has received governmental approval and is expected to close in early May," Louisville, Ky.-based Steel Technologies said in a statement. Steel Technologies is a 50-50 flat-rolled steel processing joint venture between Nucor Corp., Charlotte, N.C., and Mitsui & Co. (USA) Inc, a subsidiary of Tokyo-based Mitsui & Co. Ltd.
Stripco, based in Mishawaka, Ind., processes and ships over 100,000 tons annually with revenue exceeding $100 million, according to the release.
Its value-added processes include pickling, slitting, cold-rolling, annealing, oscillating and edging.
"Stripco has an excellent customer-oriented reputation and proud history of innovation," Mike Carroll, president and chief executive officer of Steel Technologies, said in the statement.
"They have continued to make strategic investments geared toward providing outstanding products and services to their customers," he said.
The Stripco acquisition will expand Steel Technologies North American footprint to 25 facilities, according to the statement.
The company declined further comment.