RS - Reliance Inc. Completes Acquisition of American Alloy Steel Inc. | Benzinga
SCOTTSDALE, Ariz., April 03, 2024 (GLOBE NEWSWIRE) -- Reliance, Inc. (NYSE:RS) announced that effective April 1, 2024, it has completed its acquisition of all of the outstanding equity interests and related real estate assets of American Alloy Steel, Inc. ("American Alloy"). Headquartered in Houston, Texas and founded in 1971, American Alloy is a leading distributor of specialty carbon and alloy steel plate and round bar, including pressure vessel quality (PVQ) material. The acquisition of American Alloy increases Reliance's value-added processing and fabrication capabilities and expands the Company's specialty carbon steel plate product portfolio.
This transaction fits within Reliance's acquisition strategy of acquiring immediately accretive companies with strong management teams. The current American Alloy team, including management, will remain in place. For the twelve months ended December 31, 2023, annual net sales for American Alloy were approximately $310 million. The terms of the transaction were not disclosed.
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