April 30, 2014
Steel Technologies Acquires Stripco
Steel Technologies LLC, Louisville, Ky., has agreed to purchase Stripco, a steel processor in Mishawaka, Ind., in a deal expected to close in late May.
Formed in 1984, Stripco has consistently expanded its value-added processes, including pickling, slitting, cold rolling, annealing, oscillating and edging. Stripco was the first service center in the U.S. to install the Eco Pickling System from The Material Works, Red Bud, Ill., EPS is an environmentally friendly acidless pickling process that produces a clean, consistent surface. Stripco processes and ships more than 100,000 tons annually, with annual revenue exceeding $100 million.
"Stripco has an excellent customer-oriented reputation and proud history of innovation," says Mike Carroll, president and CEO of Steel Technologies. "They have continued to make strategic investments geared toward providing outstanding products and services to their customers."
"Stripco's goal has always been to increase value to customers by building lasting relationships and maintaining proper stewardship. We believe our acquisition by Steel Technologies will bring even more value to all of our partners," says Jack Hiler, CEO and owner of Stripco.
Steel Technologies, a 50-50 joint venture between Nucor Corp., and Mitsui & Co. USA, was the eighth largest service center company in the Metal Center News Top 50, with 2012 revenues of $2.0 billion. The Stripco acquisition expands the company’s North American platform to 25 facilities, including joint-venture operations located throughout the U.S., Canada and Mexico.