Reliance Steel & Aluminum Co., one of the largest metals service centers in the US, has announced the sale of the assets and business of the Encore Coils division of Encore Group Limited, a subsidiary of Reliance, to Samuel Son & Co., Ltd., headquartered in Ontario, Canada. The terms of the sales deal have not been disclosed.
In a statement on the issue, Reliance said that it will retain Encore Group's Encore Metals and Team Tube divisions, which specialize in the processing and distribution of alloy and carbon bar and tube, as well as stainless steel sheet, plate and bar products, through a total of 12 locations.
The Encore Coils division processes and distributes carbon steel flat rolled products through its five facilities located in Western Canada.
Commenting on the sale, Reliance's chairman and CEO, David H. Hannah, said, "The Encore Coils business did not fit well for us because we do not have any similar facilities nearby that could help support this relatively small business. The sale of the Encore Coils business to Samuel allows us to exit this market without disrupting the Encore Coils customer base."