Further expansion of presence in North America
Duisburg (euro adhoc) -
Acquisition of Premier Steel, Inc., based in Shreveport, Louisiana, USA Closing of acquisition of Primary Steel, Inc., based in Middletown, Connecticut, USA
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merger, acquisition and takeover
Duisburg, 25 May 2007 - Klöckner & Co AG is expanding its presence in North America even further. The acquisition of Premier Steel, Inc. of Shreveport, Louisiana, closed on May 24, 2007. As a result, the Company has now made another acquisition in the USA. Namasco Corporation, the US country operation of Klöckner & Co, served as the acquiring entity. This new acquisition follows the successful closing of the previously announced acquisition of Primary Steel, Inc. on May 11, 2007.
Premier Steel offers a comprehensive range of steel and metal products. The company serves a diverse customer base which includes a significant number of customers involved in various aspects of the energy industry, telecommunication, forestry, general manufacturing and fabrication. It employs 34 people and achieved sales of approximately USD 30 million in 2006.
"Premier Steel is a company with an excellent standing which can be very easily integrated into our existing network in the USA, where it will strengthen the very good market position already enjoyed by Namasco in the southern states of the USA. This new acquisition is in keeping with our aim of persistently expanding our presence in North America," says Dr. Thomas Ludwig, Chairman of the Board of Management at Klöckner & Co AG.
The recent acquisition of Primary Steel and this new acquisition of and Premier Steel further strengthen the market position of Klöckner & Co AG in North America: the Klöckner & Co subsidiary Namasco, based in Roswell near Atlanta, Georgia, is now set to join the ranks of the top ten North American multi metal distributors.
About Klöckner & Co AG:
Klöckner & Co is the largest independent producer and distributor of steel and metal products in the European and North American markets combined. The core business of the Klöckner & Co Group is the storage and distribution of steel and non-ferrous metals. About 200,000 active customers are supplied through approximately 240 distribution locations in 14 countries in Europe and North America. Klöckner & Co was founded more than 100 years ago by Peter Klöckner. During the financial year 2006, the Company achieved sales of approximately EUR5.5 billion with around 10,000 employees. The shares of Klöckner & Co Aktiengesellschaft are admitted to trading on the official market segment (Amtlicher Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with simultaneous admission to the sub-segment (Prime Standard) to the official market with further post-admission obligations. ISIN: DE000KC01000; WKN: KC0100; Common Code: 025808576.
Contacts: Peter Ringsleben, Claudia Uhlendorf - Corporate Communications
Klöckner & Co AG Am Silberpalais 1 D - 47057 Duisburg
Peter Ringsleben Phone: +49 203 307 2800 Fax: +49 203 307 5060 e-mail: firstname.lastname@example.org
Claudia Uhlendorf Phone: +49 203 307 2289 Fax: +49 203 307 5103 e-mail: email@example.com
end of announcement euro adhoc 25.05.2007 08:29:50
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Branche: Metal Goods & Engineering
Index: CDAX, Classic All Share, Prime All Share, MDAX
Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard
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Original content of: Klöckner & Co SE, transmitted by news aktuell