Olympic Steel Inc. a leading national metals service center, today announced that it has acquired the assets of Shaw Stainless & Alloy, Inc. The all-cash purchase is immediately accretive. Terms were not disclosed.
“Continuing to acquire well-run, high-return businesses is a key element of our strategy,” said Richard T. Marabito, Chief Executive Officer. “We are excited to quickly redeploy a portion of the proceeds from our recently announced sale of Detroit assets and operations. We expect higher-returning results from Shaw will replace the former Detroit earnings stream at a fraction of the investment. Shaw’s dedication to safety, focus on exceptional customer service and strong company values align well with Olympic Steel’s culture. We welcome the Shaw team and their wealth of expertise to Olympic Steel.”
Shaw, based in Powder Springs, Georgia, is a full-line distributor of stainless steel sheet, pipe, tube, bar and angles. The company also manufactures and distributes stainless steel bollards and water treatment systems. Founded in 1979, Shaw operates approximately 120,000 square feet of warehouse and fabrication space in Marietta, Hiram, Powder Springs and Albany, Georgia. It will continue to operate as Shaw Stainless & Alloy, an Olympic Steel company, led by its existing management team, including President Bryan Shaw.
Courtesy of Olympic Steel.