Precoat Metals Parent Buys Roll Coater, Inc.
On Friday Sequa Corporation purchased Roll Coater, Inc.
Sequa Corporation, is owned by The Carlyle Group which is a privately held “global alternative asset management” group with more than “1,000 corporate real estate investments “ in their portfolio. In turn, Sequa Corporation owns 4 companies: Chromalloy, ARC Automotive, Casco and Precoat Metals.
Over the weekend, Steel Market Update (SMU) spoke with Andrew Farrant, Vice President of Marketing and Corporate Communications for Sequa, about the purchase which was concluded late last week and announced to Precoat and Roll Coater employees late Friday afternoon. SMU was told the purchase of Roll Coater along with the existing Precoat plants are “combining businesses which are quite complimentary.” As a private company Mr. Farrant would not discuss the financial details of the purchase.
According to Mr. Farrant, the combined companies will be headed by Gerard M. Dombek, President of Precoat Metals and will operate under the Precoat Metals name. The management team will be comprised of both Precoat and Roll Coater personnel but Mr. Farrant was not able to go into specific details since the acquisition had just closed on Friday.
Mr. Farrant told SMU there have not been any decisions made at this early stage in the process regarding specific plants or personnel.
The existing Precoat Metals has nine locations, according to their website. The existing locations are Jackson, Midwest Metal Coatings, Portage, Saint Louis, Baltimore, Birmingham, Granite City (2 lines) and Houston. Prior to the acquisition Precoat had nine continuous coating lines able to coat more than 1 million tons of metal per year.
Roll Coater, Inc. has six locations and five coating lines in four states: Kingsbury, Indianapolis (HQ) and Greenfield in Indiana; Weirton, WV; Hawesville, KY and Armorel, AR.
Combined, the new Precoat will have 14 continuous coil paint lines located in 10 states in the Midwest, East, Southeast and Southwestern USA.