Acquisition of Primary Steel LLC in USA
Duisburg (euro adhoc) -
Latest acquisition, Primary Steel, increases sales in USA by over 60 percent
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merger, acquisition and takeover
Duisburg, April 13, 2007 - The Namasco Corporation with headquarters in Atlanta, Georgia, USA, a country operation of Klöckner & Co Aktiengesellschaft, has signed a contract for acquisition of the distribution company Primary Steel LLC, whose headquarters are in Middletown, Connecticut, USA. The takeover is still subject to approval by the US Antitrust Division.
Primary Steel LLC is a steel distribution company with seven branches in North America. The enterprise is specialized in the distribution and pre-processing of flat steel products, particularly plates. Primary Steel LLC has around 412 employees and achieved sales of $467 million in 2006. The main customers of the distribution company are smaller distributors and sectors including manufacturers of heavy-duty construction machinery (building cranes and excavators), the energy industry, structural steel engineering, railway car production, shipbuilding, etc.
"We are extremely pleased about the addition of Primary Steel. The acquisition of this company will result in an increase in sales of the Klöckner & Co Group in the USA of over 60 percent. The addition of Primary Steel to the existing operations of Klöckner & Co expands the companys geographic market area throughout the US. The acquisition represents consistent continuation of Klöckner & Cos growth strategy through the acquisition of large companies," states Dr. Thomas Ludwig, Chairman of the Board of Management of Klöckner & Co AG.
Through Primary Steels activities Klöckner & Cos US subsidiary Namasco Corporation gains a strong position on the US market for plates. Currently Namasco Corporation, with headquarters in Atlanta, Georgia, has over 17 branches in the USA.
About Klöckner & Co:
Klöckner & Co is the largest producer-independent steel and metal distributor 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 than100 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: peter.ringsleben@kloeckner.de
Claudia Uhlendorf Phone: +49 203 307 2289 Fax: +49 203 307 5103 e-mail: claudia.uhlendorf@kloeckner.de
end of announcement euro adhoc 13.04.2007 22:56:42
Further inquiry note:
Claudia Uhlendorf
Public Relations
Telefon: +49(0)203-307-2289
E-Mail: claudia.uhlendorf@kloeckner.de
Branche: Metal Goods & Engineering
ISIN: DE000KC01000
WKN: KC0100
Index: CDAX, Classic All Share, Prime All Share, MDAX
Börsen: Frankfurter Wertpapierbörse / official dealing/prime standard
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