Toronto-listed Russel Metals Inc announced it plans to buy Norton Metal Products, a family owned metals service center in Fort Worth, Texas. It did not disclose the price.
Norton had annual revenues of approximately CDN$70 million for the twelve months ended September 30 2008. The stock purchase agreement is expected to close on November 28 2008.
Brian Hedges, executive vice president and COO, stated, "The acquisition of Norton is a valuable strategic extension of our JMS Russel Metals operations. This acquisition increases our geographic presence in the southern United States."