Reliance Steel (RS) Reaches Agreement To Purchase Fry Steel
Zacks Investment Research | Dec 17, 2019 09:18PM ET
Reliance Steel & Aluminum Co. (NYSE:RS) announced that it inked a deal to buy all of Fry Steel Company’s outstanding capital stock.
Notably, Fry Steel is a general line and long bar supplier situated in Santa Fe Springs, CA. It was founded in 1948 and family-owned for almost five decades. It provides next-day “in-stock” delivery via its proprietary fleet of trucks. Notably, the company developed a worldwide reputation for outstanding customer service.
Per Reliance Steel’s management, the acquisition fits within its strategy of purchasing high-margin specialty product-focused businesses, and supports its customer and product diversification strategy.
The transaction is slated to close in early 2020, subject to regulatory approval and customary closing conditions. The terms of the transactions were not revealed.
Reliance Steel’s shares have surged 63.8% in the past year compared with the Original post
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