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19.01.2011 – 18:41

Klöckner & Co SE

EANS-News: Klöckner & Co SE intends to acquire Macsteel Service Centers USA

  Corporate news transmitted by euro adhoc. The issuer/originator is solely
  responsible for the content of this announcement.

Mergers - Acquisitions - Takeovers/Planned acquisition

Duisburg (euro adhoc) - Duisburg/ Germany, January 19, 2011 - The Boards of Klöckner & Co SE and Macsteel Global B.V. are very pleased to announce that a Memorandum of Understanding (MOU) has been signed for the acquisition of Macsteel Service Centers USA ("MSCUSA") by a US subsidiary of Klöckner & Co SE (Klöckner USA Holdings). The effective date of the transaction is planned to be the 1ST of January 2011 and the final agreement is expected to be signed and closed in the beginning of the second quarter 2011. The transaction will be subject to the approval of the Board of Directors of both Parties as well as the Supervisory Board of Klöckner & Co SE and the antitrust authorities.

Gisbert Rühl, Chairman of the Executive Board of Klöckner & Co SE: "This acquisition would be an excellent strategic combination that will provide a platform for our future growth in North America. With the acquisition of Macsteel Service Centers USA, we would more than double our sales in the US, expand our geographical coverage and our product portfolio significantly. With that, we would expect to become one of the top 3 players in the US steel distribution and Service Center industry with a meaningful spread of carbon steel products."

Eric Samson will remain as the non-executive Co-Chairman of MSCUSA and join the Board of Klöckner USA Holdings, in a non-executive capacity. Michael Hoffman will remain the President and CEO of MSCUSA, will also join the Board of Klöckner USA Holdings in an executive capacity and is intended to become CEO of the combined business. Bill Partalis will continue in his capacity as CEO of Namasco Corp. and will become President of the combined US-business.

About Macsteel: Macsteel Service Centers USA is one of the top 10 companies in the North American metals Service Center Industry. The company has a network of 30 locations, which includes the former Edgcomb Metals, Regal Steel Company, Baldwin Steel, Ferro Union, Hokin Katz and Alpha Steel, all of which now operate as Macsteel Service Centers USA. Macsteel Service Centers USA processes and distributes carbon, stainless, aluminum and specialty metals to customers throughout North America, Hawaii and Puerto Rico. Products include a full range of flat rolled, plate, tubing, pipe, bar and structural steel with 2010 sales of approximately USD1.3bn and 1,183 employees. The company also supplies a full range of steel building products as well as coated and prepainted metals. Macsteel Service Centers USA is headquartered in Newport Beach, CA and is owned by Macsteel Global B.V., a Macsteel Holdings Group Company, which itself manages annual sales volumes of approximately 45 million tons.

About Klöckner & Co: Klöckner & Co is the largest producer-independent 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 178,000 active customers are supplied through around 250 distribution locations by around 9,500 employees in 15 countries in Europe and North America. During the fiscal year 2009, the Company achieved sales of approximately EUR3.9bn.

The shares of Klöckner & Co SE are admitted to trading on the regulated market segment (Regulierter Markt) of the Frankfurt Stock Exchange (Frankfurter Wertpapierbörse) with simultaneous admission to the sub-segment to the regulated market with further post-admission obligations (Prime Standard). Klöckner & Co shares are listed in the MDAX® Index of Deutsche Börse. ISIN: DE000KC01000; WKN: KC0100; Common Code: 025808576.

end of announcement                               euro adhoc

Further inquiry note:

Dr. Thilo Theilen - Spokesperson
Head of Investor Relations & Corporate Communications
Phone: +49 (0) 203-307-2050
Fax: +49 (0) 203-307-5025
E-Mail: thilo.theilen@kloeckner.de

Branche: Metal Goods & Engineering
ISIN: DE000KC01000
WKN: KC0100
Index: CDAX, Classic All Share, Prime All Share
Börsen: Frankfurt / regulated dealing/prime standard
Berlin / free trade
Hamburg / free trade
Stuttgart / free trade
Düsseldorf / free trade
München / free trade

Original-Content von: Klöckner & Co SE, übermittelt durch news aktuell

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