Reliance Steel & Aluminum Co. said Wednesday that it has agreed to acquire Wood Dale, Ill.-based Clayton Metals Inc.
Under the agreement, Los Angeles-based Reliance will acquire the outstanding capital stock of the aluminum, stainless steel and red metal flat-rolled metal products processor and distributor. Financial terms of the deal were not disclosed.
Clayton's current management will remain in place, Reliance said. Clayton booked sales of about $123 million in 2006.
Reliance is coming off of a record first quarter, reporting a 56 percent surge in profit along with an 86 percent jump in sales. The company has made more than 35 acquisitions since going public in 1994.
Shares in Reliance were up 30 cents to $58.76 in afternoon trading Wednesday on the New York Stock Exchange. Shares have gained more than 106 percent since hitting a 52-week low in September of 2006.
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