Los Angeles-based Reliance Steel & Aluminum Co. (NYSE:RS), through its subsidiary Precision Strip Inc., has acquired the Worthington Steel Vonore plant, a processing facility owned by Worthington Industries Inc. (NYSE:WOR).
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The Vonore plant will operate as a Precision Strip Inc. location that will toll process and deliver carbon steel, aluminum and stainless steel products without taking ownership of the metal. Precision Strip will now operate 12 tolling facilities throughout the U.S. and Mexico.
Joseph P. Wolf, president of Precision Strip Inc., said: “The addition of the Vonore location to our existing footprint of facilities allows us to better service our customer base in an important geographic area of the country. By acquiring the existing assets we were able to more quickly establish ourselves in this growing market.”
Also this week, Reliance Steel & Aluminum reported sales for its 2012 first quarter were up 13 percent from the year-ago period to $2.29 billion. Profit was $116.2 million.
Reliance Steel & Aluminum Co. is the largest metals service center company in North America. Through a network of more than 220 locations in 38 states and Belgium, Canada, China, Malaysia, Mexico, Singapore, South Korea, the U.A.E. and the United Kingdom, the company provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries.