Ryerson Acquires Turret Companies
Chicago-based Ryerson Inc., North America’s second-largest service center company, has grown again through the acquisition of Turret Steel Industries and Sunbelt-Turret Steel, service center companies headquartered in Pittsburgh. The acquisition also includes Turret-affiliated companies Wilcox Steel and Imperial Logistics. Turret and its affiliates generate annual revenues of about $130 million. Terms of the transaction were not disclosed.
“This acquisition represents another important step in Ryerson's effort to continue expanding our product offering in the long products segment,” says Ryerson President and CEO Mike Arnold.
Turret Steel President Wayne Gould will join the Ryerson team and stay on to manage the acquired businesses.
“We are excited to join the Ryerson team and combine Ryerson's resources and extensive North American footprint with our deep knowledge and experience in the markets,” says Gould. “This will allow us to continue successfully growing for many years to come.”
In addition to its Pittsburgh headquarters, Turret has service centers in Chicago and Warren, Ohio. Turret is primarily a distributor of special bar quality carbon and alloy bar stock focused on bar sizes of less than six inches in diameter.
Sunbelt has locations in Charlotte, N.C.; Cooper, Texas; Dos Palos, Calif.; South Windsor, Conn.; and Portland, Ore. Sunbelt primarily distributes SBQ carbon and alloy bar products greater than six inches in diameter and also offers significant value-added processing capabilities.
Wilcox Steel has a single facility in Green Bay, Wis., that sells primarily cold-drawn bar products. Imperial Logistics operates as a sourcing arm for flatbed and inbound trucking for all three companies.
“These are all strong businesses that will complement Ryerson's existing network and enhance our ability to serve customers,” says Matthias Heilmann, Ryerson's chief operating officer.