Reliance, Inc. Agrees to Acquire Tolling Assets from FerrouSouth
2024年7月15日 - 7:50PM
Reliance, Inc. (NYSE: RS) announced that it has reached an
agreement to purchase certain assets of the FerrouSouth division of
Ferragon Corporation (“FerrouSouth”), a premier toll processing
operation headquartered in Iuka, Mississippi. In addition to
offering high quality flat-rolled steel processing, FerrouSouth
provides logistics services including shipping and warehousing
solutions within the rapidly growing Southeastern market. The
FerrouSouth operations will operate as a division of Feralloy
Corporation, a wholly owned subsidiary of Reliance. For the twelve
months ended December 31, 2023, annual net sales for the select
tolling operation were approximately $15 million. The terms of the
transaction were not disclosed. The transaction is expected to
close within the next 30 days, subject to customary closing
conditions.
“The addition of FerrouSouth’s tolling operations helps expand
our toll processing capabilities and provides additional capacity
to Feralloy through its existing operations in the Southeastern
United States,” commented Karla Lewis, President and Chief
Executive Officer of Reliance. “FerrouSouth’s tolling operation is
expected to grow as part of Feralloy and will benefit from being a
part of Reliance due to our scale, strong customer relationships,
deep knowledge base and breadth of expertise throughout our
extensive family of companies.”
About Reliance, Inc.Founded in 1939, Reliance,
Inc. (NYSE: RS) is a leading global diversified metal solutions
provider and the largest metals service center company in North
America. Through a network of more than 320 locations in 40 states
and 12 countries outside of the United States, Reliance provides
value-added metals processing services and distributes a full-line
of over 100,000 metal products to more than 125,000 customers in a
broad range of industries. Reliance focuses on small orders with
quick turnaround and value-added processing services. In 2023,
Reliance’s average order size was $3,210, approximately 51% of
orders included value-added processing and approximately 40% of
orders were delivered within 24 hours. Reliance, Inc.’s press
releases and additional information are available on the Company’s
website at reliance.com.
Forward-Looking Statements This press release
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by words such as “expect,”
“anticipate,” “believe,” and similar words. These forward-looking
statements may include statements concerning Reliance’s acquisition
of FerrouSouth and discussions of Reliance’s future performance.
Forward-looking statements involve known and unknown risks and
uncertainties and are not guarantees of future performance. The
expected benefits of the transaction may not materialize as
expected. Actual outcomes and results may differ materially from
these forward-looking statements as a result of various important
factors, including, but not limited to, those disclosed in our most
recent Form 10-K filed with the United States Securities and
Exchange Commission (the “SEC”) and subsequent reports. These
forward-looking statements are based on management's expectations
and assumptions as of today’s date and Reliance disclaims any
obligation to publicly update or revise any forward-looking
statements.
CONTACT: (213) 576-2428investor@reliance.com
or Addo Investor Relations(310) 829-5400
Reliance (NYSE:RS)
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Reliance (NYSE:RS)
過去 株価チャート
から 8 2023 まで 8 2024