EANS-News: Klöckner & Co SE: Acquisition of Lake Steel Ltd. strengthens regional position in southern USA
Duisburg (euro adhoc) -
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Mergers - Acquisitions - Takeovers
Strategic regional acquisition to expand geographic reach in Texas and surrounding states Acquisition of the north Texas market leader in steel and metal distribution with high-value adding services Annual sales in 2010 of approx. EUR50 million with a consistently high profit margin expected
Duisburg (Germany), December 15, 2010 - On December 15, 2010 Klöckner & Co acquired the distributor Lake Steel Ltd. in Amarillo, Texas (USA) via its U.S. subsidiary Namasco Corp. With the acquisition of Lake Steel Ltd. Namasco extends its presence in previously under-represented regions in northern Texas (USA). With two locations and around 100 employees, Lake Steel Ltd. supplies also customers in the surrounding states of New Mexico, Oklahoma, Colorado, Arkansas, Kansas and Louisiana. Sales of approximately EUR50 million are expected for the current fiscal year. Lake Steel Ltd. will be consolidated into Klöckner & Co SE at the end of December. The parties have agreed not to disclose the purchase price.
Gisbert Rühl, Chairman of the Management Board of Klöckner & Co SE: "The acquisition of Lake Steel Ltd. is not a Group strategic step but a characteristic regional addition, strengthening our previous market presence in southern Texas through two locations in the north. We expect significant synergies."
Namasco Corp. is one of the leading distributors for steel and metal in the U.S. With around 1,300 employees at 30 locations, Namasco contributed EUR674 million to Group sales in 2009.
About Klöckner & Co Klöckner & Co is the largest producer-independent distributor of steel and metal products in the European and North American markets combined. The core business of the Klöckner & Co Group is the storage and distribution of steel and non-ferrous metals. About 178,000 active customers are supplied through around 250 distribution locations by around 9,500 employees in 15 countries in Europe and North America. During the fiscal year 2009, the Company achieved sales of approximately EUR3.9 billion.
The shares of Klöckner & Co SE are admitted to trading on the regulated market segment (Regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with simultaneous admission to the sub-segment to the regulated market with further post-admission obligations (Prime Standard). Klöckner & Co shares are listed in the MDAX® Index of Deutsche Börse.
end of announcement euro adhoc
Further inquiry note:
Dr. Thilo Theilen - Spokesperson
Head of Investor Relations & Corporate Communications
Telephone: +49 (0) 203-307-2050
Fax: +49 (0) 203-307-5025
Email: thilo.theilen@kloeckner.de
Branche: Metal Goods & Engineering
ISIN: DE000KC01000
WKN: KC0100
Index: CDAX, Classic All Share, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade