December 13, 2021 06:50 ET | Source: Reliance Steel & Aluminium Co. Reliance Steel & Aluminium Co.
Los Angeles, California, U.S.
Los Angeles, December 13, 2021 (GLOBE NEWSWIRE) - Reliance Steel & Aluminium Co. (NYSE:RS) announced that it has acquired Nu-Tech Precision Metals Inc. ("Nu-Tech"), a professional custom manufacturer Extruded metal, manufactured parts and welded parts. Nu-Tech was founded in 1985 and is headquartered in Arnprior near Ottawa, Ontario. It serves various markets in North America, including nuclear, aerospace and military markets. Nu-Tech's wide range of products include tubes, pipes, engineering shapes, and round and flat bars of pure metals and titanium, zirconium, copper, nickel, hafnium, niobium and steel alloys. Nu-Tech's 2020 annual net sales are approximately US$44 million. The terms of the transaction were not disclosed.
Reliance CEO Jim Hoffman commented: “Nu-Tech focuses on specialty products with high value-added processing levels, which is consistent with our business model and strategy of investing in high-quality, high-profit businesses.” “Nu-Tech is in line with Reliance's approach to acquiring an instant value-added company with a strong management team, brand awareness and quality reputation. Nu-Tech has established a respected position in the main markets it serves through its proprietary processes and quality certifications. In addition, Nu-Tech Tech supports Reliance's customer, product and geographic diversification strategy, and expands our product breadth in specialty metals. We expect that the acquisition of Nu-Tech will support the growth of Reliance's business in nuclear, aerospace and other industries. We I am very happy to welcome Nu-Tech to the Reliance family of companies."
About Reliance Steel & Aluminium Co., founded in 1939 and headquartered in Los Angeles, California, is the world's leading provider of diversified metal solutions and the largest metal service center company in North America. Through a network of approximately 300 locations in 40 states and 13 countries outside the United States, Reliance provides value-added metal processing services and distributes more than 100,000 metal products to more than 125,000 customers in a wide range of industries. Reliance focuses on small orders with fast turnover and increasing value-added processing. In 2020, Reliance's average order size is US$1,910, approximately 49% of orders include value-added processing, and approximately 40% of orders are delivered within 24 hours. Press releases and other information from Reliance Steel & Aluminium Co. are available on the company's website www.rsac.com.
This press release may contain certain statements that are or may be regarded as forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, statements about Reliance's acquisition of Nu-Tech and discussions of Reliance's industry, end markets, business strategies, expectations for future demand and metal pricing, and the company's operating results, profit margins, profitability, and impairment Expenses, taxes, liquidity, litigation matters and capital resources. In some cases, you can identify forward-looking by terms such as "may", "will", "should", "may", "will", "expect", "plan", "anticipate", "believe" and other terms Sexual statement. ""Estimate", "Forecast", "Potential", "Preliminary", "Scope" and "Continue", the negative forms of these terms, and similar expressions.
These forward-looking statements are based on management’s estimates, forecasts and assumptions as of today, which may not be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Due to various important factors, including but not limited to the factors disclosed in Reliance's report to the US Securities and Exchange Commission, actual results and results may differ materially from those expressed or predicted in these forward-looking statements ("SFC"). The risks and uncertainties associated with the acquisition include, but are not limited to, the possibility that the expected benefits of the acquisition may not be realized as expected; damage to existing business and operating relationships; and failure to successfully integrate the acquired company. Therefore, these statements are only effective as of the date they are made, and Reliance assumes no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events or other reasons. Important risks and uncertainties related to Reliance's business can be found in "Item 1A. Risk factors in the company's annual report on Form 10-K submitted to the US Securities and Exchange Commission for the year ended December 31, 2020."
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