LOS ANGELES, Aug. 01, 2018 (GLOBE NEWSWIRE) -- Reliance Steel & Aluminum Co. (NYSE:RS) announced that effective today it has acquired all of the issued and outstanding equity ownership interests of KMS Fab, LLC and KMS South, Inc. (“KMS” or “the KMS Companies”). The KMS Companies specialize in precision sheet metal fabrication ranging from prototypes to large production runs utilizing a wide variety of metals and fabrication methods including laser cutting, stamping, turret punching, machining, powder coating and welding. KMS Fab, LLC was founded in 1954 in Luzerne, Pennsylvania and KMS South, Inc. was founded in 1987 in West Columbia, South Carolina. For the fiscal year ended December 31, 2017, the KMS Companies’ combined net sales were $23.3 million. The terms of the transaction were not disclosed.
“Our acquisition of the KMS Companies fits well with our growth strategy of acquiring and investing in businesses that perform high levels of value-added processing,” commented Gregg Mollins, President and Chief Executive Officer of Reliance. “The KMS Companies have a longstanding record of investing in state-of-the-art technologies to provide customers with timely delivery of the highest quality parts which aligns with Reliance’s core business principles. We are thrilled to welcome the KMS team to the Reliance family of companies.”
About Reliance Steel & Aluminum Co.
Reliance Steel & Aluminum Co., headquartered in Los Angeles, California, is the largest metals service center company in North America. Through a network of more than 300 locations in 40 states and thirteen countries outside of the United States, Reliance provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. Reliance focuses on small orders with quick turnaround and increasing levels of value-added processing. In 2017, Reliance’s average order size was $1,740, approximately 48% of orders included value-added processing and approximately 40% of orders were delivered within 24 hours. Reliance Steel & Aluminum Co.’s press releases and additional information are available on the Company’s website at www.rsac.com.
This press release contains certain statements that are, or may be deemed to be, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may include, but are not limited to, discussions of Reliance’s industry and its end markets, its business strategies and its expectations concerning future demand and metals pricing and the Company’s results of operations, margins, profitability, impairment charges, taxes, liquidity, litigation matters and capital resources. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" and "continue," the negative of these terms, and similar expressions.
These forward-looking statements are based on management's estimates, projections and assumptions as of today’s date that may not prove to be accurate. Forward-looking statements involve known and unknown risks and uncertainties and are not guarantees of future performance. Actual outcomes and results may differ materially from what is expressed or forecasted in these forward-looking statements as a result of various important factors, including, but not limited to, those disclosed in reports Reliance has filed with the Securities and Exchange Commission (the "SEC"). As a result, these statements speak only as of the date that they are made, and Reliance disclaims any and all obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Important risks and uncertainties about Reliance’s business can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC.
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Reliance Steel & Aluminum Co.