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Best Manufacturing Purchased by Reliance Steel & Aluminum
Submitted by srandall on Wed, 04/13/2016 - 17:16
Talk Business & Politics, April 5, 2016: Jonesboro’s Best Manufacturing, a custom sheet metal fabricator of steel and aluminum products, has been acquired by Reliance Steel & Aluminum Co. (NYSE: RS). The Los Angeles-based metals service center company purchased all of Best’s capital stock in an undisclosed transaction.
Reliance has a network of more than 300 locations in 39 states and 12 countries outside of the United States. It 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.
Best Manufacturing will act as a wholly-owned subsidiary following the April 4 announcement, and current management will remain in place.
“Best Manufacturing complements Reliance’s existing service center network extremely well given its specialty high margin products and value-added processing capabilities coupled with its strong focus on customer service,” said Gregg Mollins, president and CEO of Reliance. “Best Manufacturing is known as a one-stop source for superior quality products and has a very good reputation in the markets it serves. We are very pleased to have Best Manufacturing join the Reliance family of companies.”
Jonesboro-based Best Manufacturing has been in business since 1990, with core customers in the trucking, agriculture and energy sectors. The company provides various precision fabrication services, including laser cutting, shearing, CNC punching, CNC forming and rolling, as well as welding, assembly, painting, inventory management and engineering expertise. In 2015, Best Manufacturing’s net sales were approximately $20 million.