Olympic Steel Inc., a metals service center headquartered in Cleveland, has entered into an agreement to acquire Chicago Tube and Iron Co. (CTI), Chicago for around $150 million, plus the assumption of around $6 million in debt. When the acquisition is complete, CTI will become a wholly owned subsidiary of Olympic.
In a release, Michael Siegal, chairman and CEO of Olympic Steel, says, "We are thrilled to welcome CTI to the Olympic Steel family. Our patience and strong balance sheet have been rewarded with the addition of CTI and its complimentary financial strength and values. The acquisition of CTI provides a compelling value for our combined customers, suppliers, employees and shareholders. CTI is expected to be immediately accretive to our earnings.
“We are excited to enhance our commercial opportunities, as we add the combined companies' product offerings to our expanded customer base. CTI also increases our distribution footprint with its network of ten operations. With our other recently announced expansions, Olympic and CTI combined will operate from 30 locations to serve our growing customer base,” Siegal adds.
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