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NORFOLK, Neb. and SPOKANE, Wash., Dec. 15, 2020 /PRNewswire/ — Norfolk Iron & Metal, Co. (“NIM”), a full-line steel service center, and The Coeur d’Alenes Company (Cd’A Metals), a full-line metal service center in the Inland Northwest, jointly announced that they have entered into a definitive agreement in which NIM will acquire Cd’A Metals. The transaction is expected to close on or before December 31, 2020.
Norfolk Iron & Metal, Co., will acquire Cd’A Metals – expected to close on or before December 31, 2020.
The acquisition will complement NIM’s market coverage, adding three new locations in the Northwest, and further expand NIM’s product lines and processing capabilities. NIM first expanded its western geographic reach with its acquisition of Metalwest in 2018.
“We are pleased to welcome the Cd’A team members to the NIM family,” Richard Robinson, Chairman and CEO of NIM, said. “This investment represents a strategic opportunity to increase our capacity and geographic presence and is integral to our commitment to meet the growing needs of our customers. Cd’A Metals’ complementary capabilities combined with its long history of success positions us well to further develop our business in the northwestern markets.”
“It is a great opportunity for Cd’A Metals to join the NIM team,” said Lawrence Coulson, CEO of Cd’A Metals. “It was important that Cd’A Metals continue to be family-owned. Combining Cd’A Metals with NIM and Metalwest creates a family of companies that provides a broad geographic footprint, expanded processing capabilities and deep product offering ready to meet the growing demands of our customer base.”
Heritage Capital Group is serving as financial advisor, and Witherspoon Kelley is providing legal services, to Cd’A Metals. Abrahams Kaslow & Cassman LLP is acting as legal counsel to NIM.
About Cd’A Metals
Cd’A Metals is a full-line metal service center and supplier, headquartered in Spokane, Washington. With three locations across the Inland Northwest, the company provides bar and structural steel, plate and sheet products, as well as ornamental iron. Founded in 1884, Cd’A Metals has offered over a century of processing expertise to the metals industry and is a member of the Metal Service Center Institute (MSCI) and the North American Steel Alliance. For more information, visit www.cdametals.com.
About Norfolk Iron & Metal
Norfolk Iron & Metal, Co. (NIM) is a full-line steel service center headquartered in Norfolk, Nebraska. It is one of the nation’s largest and most technologically advanced steel providers. In 2018, NIM acquired Metalwest, a leading processor and distributor of non-ferrous and carbon flat rolled metal products. With 13 locations across the U.S., NIM’s warehouses are stocked with more than 3,000 items including carbon steel beams, angles, channels, flat-roll sheet and coil, plate, and tubing. NIM has been a family-run business since 1908 and is a member of MSCI. For more information, visit www.norfolkiron.com.
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SOURCE Norfolk Iron & Metal
https://markets.businessinsider.com/news/stocks/norfolk-iron-metal-to-acquire-cd-a-metals-1029896193
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