Ryerson To Acquire Central Steel & Wire Company
06 Jun 2018
Ryerson Holding Corp. (RYI) announced a definitive merger agreement to acquire Central Steel & Wire Company, a metal service center with six locations across the Central and Eastern U.S. The transaction values Central Steel & Wire at an enterprise value of $140 million on a cash-free, debt-free basis with a normalized level of working capital.
Central Steel & Wire employs approximately 900 people and has annual revenue of approximately $600 million. Central Steel & Wire will continue to operate under its current brand name following the closing of the transaction.
Ryerson intends to fund the acquisition through existing and acquired sources of liquidity.