TORONTO — `Russel Metals Inc. has signed a deal to buy seven service centre locations from Samuel, Son & Co. Ltd. for about $225 million.
The agreement covers five locations in Western Canada and two in the United States.
Russel Metals chief executive John Reid says the acquisition is complementary from both geographic and product mix perspectives.
The metals distribution company will acquire Samuel’s metals service centres in Winnipeg, Calgary, Nisku, Alta., Langley, B.C., Surrey, B.C., Buffalo, N.Y., and Pittsburgh.
The company says Samuel will keep its location in Delta, B.C., and conduct an orderly shutdown of that facility.
The deal is subject to regulatory clearance as well as other customary closing conditions. It is expected to close in the first or second quarter of 2024.
This report by The Canadian Press was first published Dec. 4, 2023.
Companies in this story: (TSX:RUS)
The Canadian Press