Platinum Equity Appoints Maurice S. Nelson Jr. As Chief Executive Officer of PNA Group
Posted on: Wednesday, 10 January 2007, 15:00 CST
Platinum Equity announced today that Maurice S. Nelson Jr. has been appointed as Chief Executive Officer of its portfolio company PNA Group, a premier processor and distributor of steel products to fabricators, manufacturers and distributors.
PNA Group was acquired by Platinum Equity in May 2006, and then expanded via the add-on acquisition of Metals Supply Company a short time later. The business generates annual revenue of more than $1.5 billion.
Mr. Nelson, who will join the company on Feb. 1, is a seasoned steel industry executive who will help lead the company into the next phase of its growth and development, said Jacob Kotzubei, the Platinum Equity executive responsible for the PNA Group investment.
"Sandy Nelson is an experienced senior executive with an outstanding reputation for building value in the steel industry," Mr. Kotzubei said. "We are very pleased to have him at the helm as we continue to build the PNA business. Our goal is to build the highest-quality customer service organization in the industry, offering a wide breadth of products across North America. We are confident that Sandy has the leadership skills and vision to deliver on that promise."
Mr. Nelson most recently served as Chief Executive Officer and Director of Earle M. Jorgensen Company, a large distributor of metal products in North America, where he also previously served as President and Chief Operating Officer. Prior to that, he was President and CEO of the Inland Steel Company. Previously, he was President of the Aerospace and Commercial Division of the Aluminum Company of America (Alcoa).
"I am excited to join PNA Group and its high-energy senior management team," Mr. Nelson said. "Under the leadership of Platinum Equity, the company is poised for growth as a leading provider of steel products and services to a wide range of steel consuming industries. I'm looking forward to helping sustain PNA's momentum for shareholders, for our outstanding employees, and for our highly valued customers and partners."
About PNA Group
PNA Group is one of the largest steel service center providers in North America. The group operates under four brands -- Delta Steel, Infra-Metals, Feralloy and Metals Supply Company -- that provide steel service and distribution solutions to industrial customers.
About Platinum Equity
Platinum Equity (www.platinumequity.com) is a global M&A&O® firm specializing in the merger, acquisition and operation of companies that provide services and solutions to customers in a broad range of business markets, including information technology, telecommunications, logistics, manufacturing and entertainment distribution. Since its founding in 1995 by entrepreneur Tom Gores, Platinum Equity has acquired more than 65 businesses with more than $15 billion in aggregate annual revenue at time of acquisition.
Source: Business Wire
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