Breaking : SCOTTSDALE, Ariz. April 2, 2024 - Reliance, Inc.(NYSE: RS), a leading metal service center operator, has announced its acquisition of Mid-West Materials, Inc. a prominent flat-rolled steel service center.With this strategic move, Reliance, Inc.aims to expand its services primarily catering to North American Original Equipment Manufacturers (OEMs).The deal was concluded on undisclosed terms.
Mid-West Materials, headquartered in Perry, OH, was established in 1952 and has since become a premier provider of steel products in various categories, including hot-rolled, high-strength hot-rolled, coated, and cold-rolled materials.Their clientele includes numerous industries such as trailer manufacturing, agriculture, metal fabrication, and building products.
Notably, the existing management team of Mid-West Materials will remain in place, ensuring a smooth transition and seamless continuation of operations.The acquisition is expected to enhance Reliance, Inc.’s product portfolio and strengthen its market presence.
In the fiscal year ending December 31, 2023, Mid-West Materials recorded impressive annual net sales of approximately $87 million, showcasing its substantial growth and thriving business.The acquisition presents a promising opportunity for Reliance, Inc.to further expand its customer base and bolster its revenue.
Reliance, Inc. operating under the name Reliance Steel and Aluminum Co. boasts a diverse metal service center network, offering a wide range of products and value-added processing services to multiple industries.Currently, the company’s shares are trading at $333.14 and have been gaining momentum.With the stock only 1.7% away from its 52-week high of $337.015, investor interest in RS shares remains strong.
The acquisition of Mid-West Materials marks a significant milestone for Reliance, Inc. as it solidifies the company’s position in the steel market and paves the way for continued growth and success.
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