Reliance Steel & Aluminum Co. buys Ontario based speciality extruded metals manufacturer Nu-Tech

Nu-Tech Precision Metals Inc. ("Nu-Tech"), a specialised maker of speciality extruded metals, fabricated parts, and welded components, has been bought by Reliance Steel & Aluminum Co. (NYSE:RS). Reliance Steel & Aluminum Co., founded in 1939 and located in Los Angeles, California, is a major global diversified metal solutions supplier and North America's biggest metals service centre firm. Reliance's average order size in 2020 was $1,910, with around 49 percent of transactions containing value-added processing and 40 percent of orders being delivered within 24 hours.

Nu-Tech was founded in 1985 and is located in Arnprior, Ontario, near Ottawa. It services a wide range of businesses across North America, including nuclear, aerospace, and military. Tube, pipe, engineered shapes, and round and flat bar made of pure metals and alloys of titanium, zirconium, copper, nickel, hafnium, niobium, and steel are among Nu-diverse Tech's product offerings. Nu-annual Tech's net sales are expected to be over $44 million in 2020. The transaction's terms were not made public.

“Nu-Tech’s focus on specialty products with high levels of value-added processing aligns with our business model and strategy of investing in high quality, high margin businesses,” said Jim Hoffman, Chief Executive Officer of Reliance.

“Nu-Tech fits within Reliance’s methodology of acquiring immediately accretive companies with strong management teams, brand recognition and quality reputations. Nu-Tech has built a respected and established position in the key markets they serve through their proprietary processes and quality certifications. Further, Nu-Tech supports Reliance’s customer, product and geographical diversification strategy and increases our product breadth in specialty metals. We expect the acquisition of Nu-Tech will support growth in Reliance’s businesses serving the nuclear, aerospace and other industries, and we are very excited to welcome Nu-Tech to the Reliance Family of Companies,” added Jim Hoffman.