Steel Technologies to Acquire Stripco Business Wire LOUISVILLE, Ky. -- April 22, 2014 Steel Technologies LLC (“Steel Technologies”) today announced its agreement to purchase Stripco LLC, Stripco Sales Company, LLC, and Stripco Express Inc. (collectively, “Stripco”). Stripco is a premier value-added steel processor with operations in Mishawaka, Indiana. The transaction has received governmental approval and is expected to close in early May. Formed in 1984, Stripco has continued to expand its value-added processes, which include pickling, slitting, cold rolling, annealing, oscillating, and edging. Stripco was first in the U.S. to install the Eco Pickling System (“EPS”), an environmentally friendly and superior quality pickle line that produces a clean, consistent surface. Stripco processes and ships over 100,000 tons with revenue exceeding $100 million annually. “Stripco has an excellent customer-oriented reputation and proud history of innovation,” said Mike Carroll, President and CEO of Steel Technologies. “They have continued to make strategic investments geared toward providing outstanding products and services to their customers. Jack Hiler and his leadership group have built a great company, and Steel Technologies is excited to align with the Stripco team.” Jack Hiler, CEO and owner of Stripco, commented, “Stripco’s goal has always been to increase value to customers by building lasting relationships and maintaining proper stewardship. We believe our acquisition by Steel Technologies will bring even more value to all of our partners.” Steel Technologies, headquartered in Louisville, Kentucky, is one of the leading steel processors in North America and leverages its broad geographic network of operations to deliver value-added products and services to customers. The Stripco acquisition will expand Steel Technologies’ North American platform to 25 facilities, including joint-venture operations, located throughout the U.S., Canada and Mexico. Steel Technologies is owned as a 50-50 joint venture between Nucor Corporation, North America’s leading manufacturer of steel products, and Mitsui & Co. (U.S.A.), Inc., a wholly owned subsidiary of Mitsui & Co., Ltd., a diversified global investment and service enterprise based in Tokyo, Japan. More information about Steel Technologies can be found at www.steeltechnologies.com. Contact: Steel Technologies LLC Michael J. Carroll, 502-245-2110 Chief Executive Officer or Roger D. Shannon, 502-245-2110 Chief Financial Officer
Steel Technologies to Acquire Stripco
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