Russel Metals Inc. announces that it has entered into an agreement to acquire Tampa Bay Steel Corporation (“Tampa Bay Steel”) for US$79.5 million, subject to normal course adjustments. The purchase price includes working capital, buildings and equipment, and the related real estate. Tampa Bay Steel has a long standing and well-respected management team in the central Florida region, and its business includes significant value-added processing and non-ferrous products.
The transaction will be financed from their cash on hand or drawings under their credit facility.
Courtesy of Russel Metals.