Jan. 7, 2015
Ryerson Acquires Fay Industries; Arnold to Retire
Ryerson, Chicago, has acquired Fay Industries, a Strongsville, Ohio, service center. The acquisition strengthens Ryerson’s long products and saw cutting capabilities, the company claims, and enhances its ability to serve the heavy equipment, mining, oil and gas, and industrial maintenance and repair industries. Fay Industries has 65 employees and annual revenue around $30 million.
“Fay Industries brings extensive experience in bar and tube processing to Ryerson and advances our strategic focus on value-added customer services," says Mike Arnold, Ryerson's president and CEO. "We continue to look for acquisitions like Fay Industries that foster business growth.”
In other news, Arnold has informed Ryerson of his plans to retire from the company later this year. Arnold has headed up North America’s second-largest service center company for the past four years, and oversaw Ryerson’s IPO last summer.
“Mike has been a strong leader for Ryerson and has helped guide the transformation of the business,” says Jacob Kotzubei, a director on Ryerson’s board. “We are grateful for his service and we wish him well in retirement.” The specific timing for a transition has not yet been determined, though a new chief executive could be in place as soon as this quarter, Kotzubei says. Arnold has committed to staying on as long as necessary to ensure a smooth transition.