LOS ANGELES, Aug. 4, 2014 /PRNewswire/ -- Reliance Steel & Aluminum Co. (NYSE: RS) announced today that, effective August 1, 2014, it has acquired all of the capital stock of Aluminium Services UK Limited, the holding company parent of All Metal Services ("AMS"), the world's largest independent raw material service provider to the aerospace and defense industries.
Established in 1974, AMS provides comprehensive materials management solutions to leading aerospace and defense OEMs and their subcontractors on a global basis, supporting customers in more than 40 countries worldwide. AMS offers a broad range of aerospace metals including aluminum, steel, titanium, nickel alloys and aluminum bronze, offering full or cut to size materials. AMS also offers in-house machining and water-jet cutting for more complex requirements. AMS has five locations in the United Kingdom (London, Belfast, Birmingham, Bolton and Bristol), along with locations in France, Malaysia and China as well as a sales office in India. Net sales for AMS were approximately GBP 174.9 million for the twelve months ended December 31, 2013. AMS will operate as a wholly-owned subsidiary of Reliance Steel & Aluminum Co., through UK holding companies. Current management will remain in place. Additional transaction terms were not disclosed.
"We are excited to expand our aerospace presence in this growing market," said David H. Hannah, Chairman and CEO of Reliance. "This acquisition is especially attractive given the current and anticipated growth of the global aerospace industry. AMS is a well-established and trusted supplier to the aerospace and defense markets and we look forward to continuing to support their existing global customer base while maximizing opportunities for growth."
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 39 states and eleven 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.
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 business strategies and our expectations concerning future metals pricing and demand and the Company's results of operations, margins, profitability, 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, 2013 filed with the SEC.
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SOURCE Reliance Steel & Aluminum Co.