Distributors/Service Centers
June 4, 2024
Russel’s purchase of Samuel facilities gains government approval
Written by Laura Miller
Russel Metals has received regulatory approval from the Canadian government to proceed with its planned acquisition of seven service center locations from Samuel, Son, & Co.
Mississauga, Ontario-based Russel said on Tuesday that it received a “no-action” letter from the Canadian Competition Bureau confirming that the agency does not intend to challenge the proposed transaction.
Therefore, the CA$225 million (US$165.5 million) deal, which was announced in December, is now expected to close in the third quarter.
“We are pleased to have obtained regulatory clearance, as we think the acquisition will be favorable for our customers, suppliers, employees, and the communities in which we operate,” said John Reid, Russel’s president and CEO.
The Samuel facilities included in the transaction are in Winnipeg, Manitoba; Calgary and Nisku, Alberta; and Langley and Surrey, British Columbia, in Canada; and Buffalo, N.Y.; and Pittsburgh, in the US.
