Reliance Steel Makes Australian BuyMonday, July 9, 2012
Reliance Steel & Aluminum Co on Monday said that the new Australian unit of its Bralco Metals business has acquired most of the assets of Airport Metals Pty Ltd.
Financial terms of the deal were not disclosed. Airport Metals, a Melbourne subsidiary of Samuel Son & Co Ltd, specializes in aircraft materials and supplies. Reliance Steel of Los Angeles operates metals processing facilities.
“This strategic asset purchase will allow our existing Bralco Metals business to have a physical presence in the Australian market, where they currently service aircraft and other key customers from our U.S. operations,” Chief Executive David H. Hannah said in a statement.
Reliance has been growing its overseas business, with operations now in Belgium, Canada, China, Malaysia, Mexico, Singapore, South Korea, the U.A.E. and the United Kingdom.
Shares closed down 33 cents or less than 1 percent to $50.75 on the New York Stock Exchange.