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
Chicago Business Barometer falls back in April, remains in contraction
The Chicago Business Barometer declined in April, reversing March’s gains, according to Market News International (MNI) and the Institute for Supply Management (ISM).
Fewer manufacturers optimistic about the economy
PMA’s April report shows that only 16% of surveyed manufacturers anticipate an increase in economic activity in the next three months (down from 23% in March)
Architecture billings continue to slide in March
Architecture firms said billings continued to decline in March, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek.
Beige Book shows concerns about trade policy
Manufacturing was mixed, but two-thirds of districts said activity was little changed or had declined.
New York state manufacturing index drops again in April
Firms were pessimistic, with the future general business conditions index falling to its second lowest reading in the more than 20-year history of the survey