Metals USA Acquires Gregor Technologies
Metals USA makes an acquisition, extending its reach in the OEM market. Below is the company press release:
FORT LAUDERDALE, Fla., March 12, 2012 /PRNewswire via COMTEX/ -- Metals USA Holdings Corp. ("Metals USA") MUSA -0.01% , a leading provider of processed carbon steel, stainless steel, aluminum and other metals, announced today that it has acquired Gregor Technologies, LLC ("Gregor"). Metals USA expects that the transaction will be immediately accretive to earnings.
Gregor operates from a state-of-the-art 70,000 square foot facility in Torrington, Connecticut. Established in 1989, Gregor provides high-quality custom-crafted parts and assemblies and tailored solutions to OEM customers in several attractive end markets. These markets include industrial equipment manufacturing, scientific instruments, electronics, aerospace, homeland security and defense.
Lourenco Goncalves, Chairman, President, and C.E.O. of Metals USA, stated: "We are very pleased to complete the acquisition of Gregor Technologies. Gregor's strong margin performance through the cycle, emphasis on specialized value-added processing, and commitment to customers are all attributes we seek in an acquisition. In an environment where more and more customers are outsourcing low volume, high cost metal processing, we believe Gregor is a solid addition to the Metals USA platform."
Mr. Goncalves continued: "Gregor represents a continuation of the M&A growth strategy we articulated in our IPO and have consistently executed since then. We will continue to seek high quality acquisitions, like Gregor, that average-up Metals USA's EBITDA margin."