Friedman Industries Buys Century Metals

(RTTNews) - Friedman Industries, Inc. (FRD), a maker and processor of steel products, said on Tuesday that it has acquired Century Metals and Supplies, Inc. The all-cash transaction is expected to be immediately accretive.

Michael Taylor, CEO of Friedman, said: "The acquisition is a strategic move that broadens our reach into new regions and enhances our product offerings. Century Metals has a strong track record and a respected brand, led by a seasoned management team that will continue to operate the business as a subsidiary."

The acquisition will expand Friedman's presence in the southeastern U.S. and Latin American markets. It will also enhance the acquirer's core hot-rolled steel business.

Over the past three years, Century Metals had generated average annual revenues of around $111 million.