Pennex Aluminum Company and General Extrusions, Inc. announce that they have jointly entered into an asset purchase agreement for Pennex to acquire the Leetonia, OH extrusion facility from GEI of Columbiana, Inc.
The agreement includes the facility and all related assets necessary to serve the facility's customer base. Finalizing the agreement is predicated on completion of due diligence, and the transaction is expected to close prior to year end.
Rick Merluzzi, Pennex President and CEO, stated that, "The Leetonia facility is a world class, state of the art operation and is a great strategic fit for Pennex." According to Joe Golec, Pennex Vice President of Sales, "As we look forward, this will enhance our capacity to serve our long term customers as well as our new customers."
Herbert F. Schuler, Jr., General Extrusions, Inc. President and CEO, notes, "All operations at our General Extrusions, Inc. facility in Youngstown will continue as before. This sale will benefit our ongoing customer base through our development of a close working relationship with both Pennex and Metal Exchange Corporation, Pennex's owner."
Mr. Merluzzi adds, "The 3600 ton 9"/10" press not only adds capacity for future growth, but also expands our product range. The plant is well positioned from an operating standpoint, and the location is ideal for serving our regional customers. The operation is ISO/TS 16949:2002 quality certified with high precision capability." Further details of the transaction are being worked out, and Pennex will be working closely with customers and vendors to ensure a smooth and seamless transition. More details will be announced in the near future.
Pennex Aluminum is owned by Metal Exchange Corporation, a global metals trading, manufacturing and processing company. Bill Aronson, Vice Chairman of Metal Exchange Corporation, stated, "We welcome the addition of the Leetonia plant to the Metal Exchange family. We are very pleased that with our 35+ years in the industry, our solid growth and our strong financial position, we are able to provide the support to ensure the long term success of the Leetonia operation as part of Pennex Aluminum Company."
Source: http://www.pennexaluminum.com/