Reliance Steel & Aluminum Co. on Friday said that it acquired the assets of a Pennsylvania metals company, Diamond Consolidated Industries Inc., and several affiliated companies with operations in other states.
The Los Angeles provider of metals processing services did not disclose terms of the deal. Combined sales of the acquired companies in the nine-month period ended Sept. 30 was about $75 million.
“In addition to expanding Reliance’s product line into perforated metals, it also enhances our processing breadth with high value-added services,” Chief Executive David H. Hannah said in a statement.
The affiliated companies – Diamond Manufacturing Co. in Wyoming, Pa., Diamond Manufacturing Midwest in Michigan City, Ind., Perforated Metals Plus in Charlotte, N.C., and Dependable Punch Corp., also in Wyoming, Pa. – will be operated as Reliance subsidiaries and current management will remain in place.
Reliance shares were up 59 cents, or 1.4 percent, to $42.12 in midday trading on the New York Stock Exchange.
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