Economy
Varsteel Buys Canada's Atlantic Tube & Steel
May 17, 2023
Lethbridge, Alberta-based Varsteel Ltd. has acquired Canadian tube manufacturer Atlantic Tube & Steel.
“The Varsteel team is excited to join forces with Atlantic Tube & Steel Inc., broadening our company platform and delivering more value to our customers through additional products and steel services,” Gerald Varzari, Varsteel president and CEO, said in a statement on Wednesday.
Atlantic Tube & Steel will operate independently as a subsidiary of Varsteel. The president of Atlantic Tube will continue to lead day-to-day operations, and will be joined by the existing management team and existing team members.
Atlantic manufactures automotive tube, mechanical tube, and structural tube at its 230,000-square-foot facility in Mississauga, Ontario.
“We are thrilled with this acquisition, taking what we’ve built at Varsteel Ltd. to the next level and reaching additional customers throughout Canada and the United States,” Varzari added.
Financial terms of the deal were not disclosed.
Varsteel is a steel and pipe service center and metal processor, with over 800 employees and 32 locations in western Canada and the US.
By Ethan Bernard, ethan@steelmarketupdate.com
Latest in Economy
ISM September survey captures deepening manufacturing gloom
The Institute for Supply Management’s (ISM) latest monthly report on manufacturing reflects a bleak view of American industry in September.
Key industries concerned over government shutdown’s impact on steel, manufacturing
Trade groups cautioned that a prolonged shutdown could strain US industry.
Chicago Business Barometer catches cold winds of contraction in September
The Chicago Business Barometer's September reading indicates a softening in overall business activity in the Midwest for the third consecutive month, with new orders and backlogs retreating further.
Metalforming market sentiment takes a dive in September: PMA
Metalforming manufacturers anticipate a decrease in near-term conditions, according to the Precision Metalforming Association's (PMA) Business Conditions Report for September.
AIA: Architecture firms still under pressure
Architecture firms reported a modest improvement in billings through August, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.