- The takeover is Olympic Steel’s second acquisition within the past nine-month period.
- McCullough would be continuing its manufacturing activities at its headquarters with its current workforce.
Olympic Steel Inc. (Olympic Steel), a renowned Cleveland, Ohio-based steel processor, has reportedly announced that it has successfully acquired the assets of Kenton, Ohio-based company, McCullough Industries in an all-cash deal.
Reports cite, this acquisition represents Olympic Steel’s second strategic procurement within the past nine-month period. Under the terms of the deal, McCullough would be continuing its manufacturing activities at its headquarters with its current workforce.
According to a press release by Olympic Steel, Joseph Casey, a Purchasing Manager at Olympic Steel and a veteran of the company since 2012, has been chosen by the company as the General Manager of the newly acquired McCullough Industries.
The Chief Executive Officer of Olympic Steel, Richard Marabito stated the McCullough takeover marks the company’s entry into the domain of marketing & manufacturing branded metal-intensive products, signifying a key achievement under its long-term growth strategy. Marabito further added that vertical integration into metal products manufacturing allows the company to utilize its current assets as well as expertise to capture a higher profit more consistently from the context of purchase of raw materials through the sale to the customer.
The company would be synergistically adding metal processing, logistical & purchasing advantages provided by the firm’s service center platform to boost the strong financial performance of its business.
For the record, McCullough Industries is involved in manufacturing & selling branded self-dumping hoppers that could be utilized in a myriad of industrial applications. The company’s products are majorly sold through catalogues and industrial distributors. Manufactured out of stainless steel & carbon, the hoppers are manufactured in a plethora of different configurations and can be used for handling, storing, transporting & recycling different materials.
According to reports, the financial terms related to the acquisition have not been unveiled yet.