Specialty metal and plastic distributor A.M. Castle & Co. (CAS-N) has acquired the outstanding shares of Metals UK Group, which also distributes metals.
Through the acquisition, A.M. Castle will be able to expand its current global services, as well as tap into the oil and gas, aerospace, petrochemical and power generation industries worldwide.
Metals UK Group, headquartered in Blackburn, England, reported US$72 million in revenues for the 2007 fiscal year, with sales outside of the U.K. accounting for 25%. The company does business in 36 countries and has four processing facilities, two in Blackburn, one in London, and one in Bilbao, Spain.
In addition to the acquisition, A.M. Castle expanded its existing line of credit to US$230 million, US$50 million of which will go towards the acquisition and future working capital needs of the European operations.
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