Reliance Steel & Aluminum Co. Completes Acquisition Of Best Manufacturing, Inc.
OREANDA-NEWS. Reliance Steel & Aluminum Co. (NYSE: RS) announced today that, effective April 1, 2016, it acquired all of the capital stock of Best Manufacturing, Inc., a custom sheet metal fabricator of steel and aluminum products on both a direct and toll basis. Best Manufacturing is headquartered in Jonesboro, Arkansas and has been serving its core customer markets since 1990, including trucking, agriculture and energy. The Company provides various precision fabrication services including laser cutting, shearing, CNC punching, CNC forming and rolling, as well as welding, assembly, painting, inventory management and engineering expertise. For the year ended December 31, 2015, Best Manufacturing's net sales were approximately $20 million. The Company will operate as a wholly-owned subsidiary of Reliance Steel & Aluminum Co. and current management will remain in place. The terms of the transaction were not disclosed.
"Best Manufacturing complements Reliance's existing service center network extremely well given its specialty high margin products and value-added processing capabilities coupled with its strong focus on customer service," commented Gregg Mollins, President and Chief Executive Officer of Reliance. "Best Manufacturing is known as a one-stop source for superior quality products and has a very good reputation in the markets it serves. We are very pleased to have Best Manufacturing join the Reliance family of companies."
About Reliance Steel & Aluminum Co.
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center company in North America. Through a network of more than 300 locations in 39 states and twelve countries outside of the United States, the Company 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 increasing levels of value-added processing. In 2015, Reliance's average order size was $1,660, approximately 47% of orders included value-added processing and approximately 40% of orders were delivered within 24 hours.
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