LOS ANGELES, Dec. 2, 2014 /PRNewswire/ -- Reliance Steel & Aluminum Co. (NYSE: RS) announced today that it has acquired all of the capital stock of Fox Metals and Alloys, Inc. ("Fox"), a steel distributor specializing in alloy, carbon and stainless steel bar and plate products, primarily servicing OEMs and machine shops who manufacture or support the manufacturing of equipment for the oil, gas and petrochemical industries.
Fox, located in Houston, Texas, began operations in 1985. Over the years, Fox has built a reputation for providing outstanding customer service and being a trusted supplier in the Houston/Gulf Coast region when critical supplies are needed on a timely basis. Fox's in-house processing services include saw cutting, plate burning and testing. Net sales for Fox were approximately $50.5 million for the twelve months ended December 31, 2013.
Ronald Kimball, the former owner and Chief Executive Officer of Fox passed away in 2011 and his widow, Suzie Kimball, has served as Chief Executive Officer since that time. Fox will operate as a wholly-owned subsidiary of Reliance Steel & Aluminum Co. Additional terms were not disclosed.
"The acquisition of this high quality, customer service-focused company further expands our presence in the oil and gas arena, an attractive and growing market for us," said David H. Hannah, Chairman and CEO of Reliance.
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 290 locations in 39 states and twelve 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 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.