Reliance Steel to Acquire Wisconsin CompanyWednesday, February 1, 2012
Reliance Steel & Aluminum Co. on Wednesday said that a subsidiary will acquire McKey Perforating Co. Inc., a metal perforating and fabricating company in Berlin, Wis.
The deal includes a McKey subsidiary in Manchester, Tenn. Terms were not disclosed. Reliance said McKey had sales of about $18 million last year.
McKey, which is a contract manufacturer serving mostly U.S. customers, will become part of Reliance's Diamond Manufacturing Co. subsidiary. Current management will stay in place.
“McKey is well-known for quality within the perforated metals industry and will work closely with Diamond to further leverage their combined expertise in that market,” said Reliance Chief Executive David H. Hannah in a statement. “We look forward to further expanding our presence within the perforated metal market, which is a high return and value-added end market.”
Shares were up $1.50, or 2.8 percent, to $54.70 in midday trading on the New York Stock Exchange.