Gibraltar Acquires Steel City's Storage Product Assets; Acquisition Strengthens Gibraltar's Position As a Leading Storage Products Supplier
Posted on: Wednesday, 5 July 2006, 18:00 CDT
Gibraltar Industries, Inc. (NASDAQ:ROCK) today announced that it has acquired certain assets of Steel City Corporation. Terms of the transaction were not disclosed.
Steel City's acquired assets have annual sales of approximately $10 million. This transaction will not affect the remaining operations of Steel City. This acquisition is part of Gibraltar's long-term strategy to create new alliances focused on increasing product and market penetration.
"This acquisition complements our market-leading postal products position, while also expanding our product development and marketing competencies in the growing storage market," said Cliff A. Tucker, Group President.
The acquisition of Steel City follows Gibraltar's announcement on June 8 that it had acquired Home Impressions Inc., a supplier of certain storage components based in Hickory, North Carolina.
Gibraltar Industries is a leading manufacturer, processor, and distributor of metals and other engineered materials for the building, vehicular, and industrial markets. The Company serves approximately 20,000 customers in a variety of industries in all 50 states, Canada, Mexico, Europe, Asia, and Central and South America. It has approximately 3,400 employees and operates 74 facilities in 26 states, Canada, and China.
Information contained in this release, other than historical information, should be considered forward-looking, and may be subject to a number of risk factors, including: general economic conditions; the impact of the availability and the effects of changing raw material prices on the Company's results of operations; natural gas and electricity prices and usage; the ability to pass through cost increases to customers; changing demand for the Company's products and services; risks associated with the integration of acquisitions; and changes in interest or tax rates.
Gibraltar's news releases, along with comprehensive information about the Company, are available on the Internet, at www.gibraltar1.com.
Source: Business Wire
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