Tri Star Metals Inc. LLC along with its parent company, Hagener-Feinstahl, have announced the completion of its merger with Pinnacle Metals, Inc., a privately held wire and bar, stainless steel and nickel alloys production company. Pinnacle Metals will operate as Tri Star–Pinnacle Metals through the year-end, when it will assume the Tri Star Metals name.
“The company has managed profitably through the economic crisis, avoiding layoffs and, in fact, doubling its sales force. The company has gained more than 150 new customers since January 2010 and plans to continue this momentum.”
“The addition of Pinnacle Metals marks the completion of Phase I in Tri Star Metals’ North American expansion strategy,” says Dan Buba, CEO of Tri Star Metals. “Pinnacle Metals is a fast-growing, profitable market leader, and we believe the combination of its manufacturing experience and facilities with our existing reputation as an international manufacturing and distribution organization with financial soundness, quality service and distribution excellence will ultimately enhance our joint ability to serve the world’s market.”
The merger expands Tri Star Metals’ North American footprint through the addition of a 130,000 square-foot manufacturing facility in Freeport, Ill. and establishes Tri Star Metals as a fully integrated wire mill with multiple shipping locations and two production facilities. The company will immediately increase manufacturing capacity at the new facility by repurposing 35,000 square feet to add equipment that supports new growth markets, such as annealing and drawing capacity for stainless and nickel alloy rod, bar and wire. Tri Star Metals believes the increase in production will allow it to better serve customers by establishing a global production platform with manufacturing facilities in North America as well as Europe.
“We are pleased to be a part of a transition that helps further establish Tri Star Metals as a premier stainless steel and nickel alloy international manufacturing and distribution organization,” says Nick Pigott, VP of Stainless and Nickel Alloys at Tri Star-Pinnacle Metals. “We look forward to continuing growth as a member of the Hagener-Feinstahl and Tri Star Metals family.”