Samuel, Son & Co., Limited (Samuel), a leading metals distributor and industrial products manufacturer, announced that it has entered into an agreement to sell its Western Canadian and U.S. carbon plate service center operations to Russel Metals Inc. (Russel) for approximately $225 million, subject to closing working capital and other normal course adjustments.
The transaction is subject to regulatory approval and other customary closing conditions.
“Samuel has a longstanding reputation as one of North America’s leading metals distribution companies,” Colin Osborne, president and CEO of Samuel, stated. “We will continue to build on this legacy with a Service Center business that will now focus on growing customer relationships in Central and Eastern Canada and the U.S., while simultaneously accelerating our investment in additional growth opportunities across the business. We are proud of the strength of the operations we are selling to Russel, which we believe can be made even stronger as part of this newly combined business. On behalf of Samuel, I would like to extend our appreciation to the team members who will be joining Russel for playing such an important role in our Service Center business.”
Western Canada Service Center locations in Winnipeg, Manitoba; Nisku, Alberta; Calgary, Alberta; Surrey, British Columbia; and Langley, British Columbia will be included in the transaction. U.S. carbon plate branches in Neville Island, Pa. and Buffalo, N.Y. will also be part of the transaction.
Following the anticipated close of this transaction, Samuel will continue operating a leading network of service center locations across North America, in addition to its automotive and diversified manufacturing divisions.
Founded in 1855, Samuel, Son & Co., Limited, is a family-owned integrated network of metal manufacturing, processing and distribution divisions. Samuel employees provide metals, industrial products and related value-added services from locations across North America.
For more information visit Samuel.com.
Reprinted from Marine Construction Magazine Issue VI, 2023
