Steel Technologies to Acquire Stripco
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
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
Steel Technologies LLC
Michael J. Carroll, 502-245-2110
Chief Executive Officer
Roger D. Shannon, 502-245-2110
Chief Financial Officer
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