KLÖCKNER & CO STRENGTHENS POSITION IN USA
- Purchase of steel distribution company Action Steel concluded
- Consistent continuation of growth strategy
Klöckner & Co Aktiengesellschaft concluded the purchase of the distribution company Action Steel with headquarters in Indianapolis, Indiana, USA today. Through this acquisition Klöckner & Co expands its activities on the North American market. Action Steel is a steel distribution company in the Midwest of the US with locations in Indianapolis, Indiana and Louisville, Illinois. Action Steel’s product portfolio primarily encompasses steel bar and structurals, steel pipe and tubing and flat rolled sheet and plate.
With this market base the company has a similar alignment as Namasco Corporation, the North American subsidiary of Klöckner & Co AG. After the takeover of Action Steel Namasco with Corporate Offices in Atlanta, Georgia, will have over 18 branches in the US.
Action Steel has approximately 110 employees and a sales volume of $70 million in 2005. The range of services offered by Action Steel includes plasma burning, shearing and sawing as well as other machining operations.
“This acquisition is a successful step in the expansion of our market position in North America and a consistent continuation of our growth strategy. Based on its portfolio, Action Steel fits in ideally with our North American subsidiary Namasco Corporation and with its locations in Indiana and Illinois enlarges our radius of activity in the USA,” states the CEO, Dr. Thomas Ludwig.
