Russel Metals to Acquire Seven Service Centers in Western Canada and the US NE from Samuel, Son & Co., Limited
- None.
- None.
- Estimated Purchase Price of
(Includes$225 Million of Working Capital)$186 Million - Five Locations in
Western Canada and Two Locations in the US Northeast - Complementary Geographic and Product Fit
- Increases Non-Ferrous Business and Extends Value-Added Processing Capabilities in
Western Canada - Extends Geographic Footprint into US Northeast
Russel will acquire Samuel's metals service centers in
John Reid, President and CEO of Russel Metals commented, "Over the past several years, we've reviewed a significant number of potential acquisition opportunities and are excited to announce this transaction, as our respective businesses are very complementary from both geographic and product mix perspectives. We look forward to having the approximately 340 Samuel employees join the Russel family.
In
The transaction will be financed from our cash on hand, which totaled
Additional supplemental financial information related to this announcement will be available in our investor conference call section on our website at www.russelmetals.com.
The Company will be holding an Investor Conference Call on Monday, December 4, 2023, at 9:00 a.m. ET to discuss the transaction. The dial-in telephone numbers for the call are 416-764-8688 (
A replay of the call will be available at 416-764-8677 (
Russel Metals is one of the largest metals distribution companies in
Certain statements contained in this press release constitute forward-looking statements or information within the meaning of applicable securities laws relating to, among other things, the anticipated benefits of the transaction, the timing to close the transaction and there can be no assurance that the proposed transaction will occur, or that it will occur on the exact terms contemplated in this press release. Forward-looking statements are often, but not always, identified by the use of words such as "expect", "may", "will", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are necessarily based on estimates and assumptions that, while considered reasonable by us, inherently involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements.
While we believe that the expectations reflected in our forward-looking statements are reasonable, no assurance can be given that these expectations will prove to be correct, and our forward-looking statements included in this press release should not be unduly relied upon. These statements speak only as of the date of this press release and, except as required by law, we do not assume any obligation to update our forward-looking statements.
If you would like to unsubscribe from receiving Press Releases, you may do so by emailing subscriber@russelmetals.com; or by calling our Investor Relations Line: 905-816-5178.
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1 Represents earnings before non-recurring items, interest, income taxes, depreciation and amortization. |
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SOURCE Russel Metals Inc.
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