Reliance Steel & Aluminum Co. (NYSE:RS) announced today that it has acquired the outstanding capital stock of Lampros Steel, Inc. and a related interest in Lampros Steel Plate Distribution LLC. Lampros Steel, Inc. is a steel service center company specializing in structural steel shapes with a facility located in Portland, Oregon. Lampros Steel Plate Distribution LLC owns a 50% interest in a partnership, LSI Plate, that is a distributor of carbon steel plate with locations in California and Oregon.
Lampros Steel, Inc. was founded in 1983 by Milt and Marcus Lampros and the partnership was founded in 1999. The combined revenues of Lampros Steel, Inc. and LSI Plate for the year ended December 31, 2009 were $29 million. Lampros will operate as a subsidiary of American Metals Corporation, a wholly-owned subsidiary of Reliance Steel & Aluminum Co. Current management will remain in place with Milt Lampros serving as President of Lampros Steel, Inc.
“We look forward to the addition of Lampros Steel as a part of Reliance. Lampros has a strong reputation for customer service in the Pacific Northwest area and will complement our network of facilities,” said David H. Hannah, Chairman and CEO of Reliance.
Source: http://www.rsac.com/