Dec. 23, 2015

CMP Sells Assets to Flack, Precoat Metals

Flack Steel, Ltd., Cleveland, has acquired certain assets of Consolidated Metal Products, Columbia, S.C., expanding its offerings of uncoated and painted carbon, galvanized, stainless steel and aluminum. The deal, which includes working capital and non-physical assets, will push Flack’s consolidated revenue to more than $300 million annually, the company claims.

More than 20 CMP purchasing, sales, quality and marketing professionals will bring their expertise to Flack Steel, a consultative metal service center that helps its customers secure long-term pricing to minimize market volatility. They will continue to operate out of the Columbia office. "Adding CMP allows us to expand our geographic and product reach while capitalizing on synergies between our network of processing partners," says Jeremy Flack, CEO of Flack Steel. "This gives us the ability to offer our current and new customers a wider range of products and hedging solutions on the Flack platform."

"Adding Flack's expertise in risk management will provide additional benefits for our existing customer base,” says Brad Pemberton, president of CMP Metals. “This move also allows Flack Steel to leverage the improving construction sector, while also providing inroads into the appliance and transportation markets."

In a separate move, St. Louis-based Precoat Metals acquired CMP’s metal coil coating and processing assets. The facility will be operated as a toll processor serving Precoat’s Southern Region, offering the application of paints and other coatings and films to metal coils, in addition to slitting, blanking, leveling, embossing and packaging services. Precoat operates 16 coil coating lines in 14 locations.

"The addition of Precoat Metals-Columbia enhances our ability to meet the expanding needs of our customers, particularly in processing surface-critical applications on a wide range of substrates including carbon steel, stainless and aluminum," says Jerry Dombek, president and CEO of Precoat Metals.
 

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Monday, December 18, 2017