Reliance Steel & Aluminum Co. agreed to buy the Encore Group of metals service-center companies. The companies under the Encore brand include Encore Metals, Encore Metals (USA), Inc., Encore Coils, and Team Tube The move gives the company the chance to expand its operations to energy producers in western Canada.
The transaction is scheduled to close in the first quarter, and Encore managers will stay with the company, Reliance said.
Encore specializes in the processing and distribution of alloy and carbon bar and tube, as well as stainless steel sheet, plate and bar and carbon steel flat-rolled products, through its 17 facilities located mainly in Western Canada. Reliance has made more than 35 acquisitions since first selling shares to the public in 1994. Encore makes steel tube for oil and natural-gas drilling companies. Royal Dutch Shell Plc and Western Oil Sands Inc. are boosting exploration spending in Canada as demand increases.
``There are numerous opportunities and companies still out there,'' Reliance spokeswoman Kim Feazle said. ``We will continue to look at acquisitions.''
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