Research Desk Line-up: Worthington Industries Post Earnings Coverage
LONDON, UK / ACCESSWIRE / October 5, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Reliance Steel & Aluminum Co. (NYSE: RS) (“Reliance Steel”), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=RS. The Company announced on October 03, 2017, that it has acquired all the common stock of Ferguson Perforating Co. (“Ferguson”) through a wholly-owned subsidiary of Reliance Steel, Diamond Manufacturing Co. The terms of the transaction were not disclosed. For immediate access to our complimentary reports, including today’s coverage, register for free now at:
Discover more of our free reports coverage from other companies within the Steel & Iron industry. Pro-TD has currently selected Worthington Industries, Inc. (NYSE: WOR) for due-diligence and potential coverage as the Company reported on September 27, 2017, its financial results for Q1 FY18 which ended on August 31, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Worthington Industries when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on RS; also brushing on WOR. Go directly to your stock of interest and access today’s free coverage at:
Details of the Deal
Founded in 1927, Ferguson manufactures perforated metal parts for numerous applications in domestic and international markets. Ferguson specializes in producing highly engineered and complex perforated metal for diverse end markets ranging from aerospace and automotive to industrial machinery, consumer electronics manufacturers, and sugar producers. The Company is headquartered in Providence, Rhode Island, and operates an additional facility in New Castle, Pennsylvania.
For the year ended December 31, 2016, Ferguson’s net sales were approximately $31 million. Upon the close of the transaction, Ferguson’s current Chief Executive Officer (CEO) will retire while the rest of the management team will remain in place.
Reason for Acquisition
Reliance Steel noted that Ferguson fits into the Company’s growth strategy of acquiring companies with high value-added processing capabilities, which furthers Reliance Steel’s product diversification.
Commenting on the deal, Gregg Mollins, President and CEO of Reliance Steel, stated:
“The Company is a very well respected perforator and is known for its ability to provide highly customized and complex processing solutions. Ferguson’s skills complement our existing perforator company, Diamond Manufacturing, and we look forward to the potential opportunities that may arise as a result of this acquisition. We are very pleased to welcome Ferguson to the Reliance family of companies and to expand our presence in this important niche market.”
On August 02, 2016, Reliance Steel announced that it had acquired all the capital stock of Alaska Steel Co., a full-line metal distributor headquartered in Anchorage, Alaska, for an undisclosed amount. Founded in 1982, Alaska Steel boasts the largest on-hand inventory in Alaska and offers both same day and next day deliveries from its three facilities in Anchorage, Fairbanks, and Kenai.
For the fiscal year ended December 31, 2015, Alaska Steel’s net sales were approximately $33 million. The Company will operate as a wholly-owned subsidiary of Reliance Steel’s American Metals Corp.’s subsidiary and current management team will remain in place.
About Reliance Steel & Aluminum Co.
Reliance Steel, headquartered in Los Angeles, California, is the largest metals service center Company in North America. Through a network of more than 300 locations in 39 states and 12 countries outside of the United States, the Company provides value-added metals processing services and distributes a full line of over 100,000 metal products to more than 125,000 customers in a broad range of industries. In 2016, Reliance Steel’s average order size was $1,560; approximately 47% of orders included value-added processing, and approximately 40% of orders were delivered within 24 hours.
Last Close Stock Review
On Wednesday, October 04, 2017, the stock closed the trading session at $77.14, slightly falling 0.70% from its previous closing price of $77.68. A total volume of 382.42 thousand shares have exchanged hands. Reliance Steel & Aluminum’s stock price surged 4.19% in the last one month, 5.27% in the past three months, and 11.46% in the previous twelve months. The stock is trading at a PE ratio of 17.38 and has a dividend yield of 2.33%. The stock currently has a market cap of $5.63 billion.
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