Carol Stream company buys Alumet Supply for $42 million
Carol Stream-based A.J. OsterLLC, a subsidiary of Global Brass and Copper Holdings Inc., said it has acquired Unimet Metal Supply Inc., which includes Alumet Supply, for approximately $42 million in cash.
Founded in 1989 and headquartered in Parsippany, New Jersey, Alumet is a nonferrous metals service center that provides coated aluminum, aluminum, copper and brass sheet and strip products to the building and housing and transportation markets through its cut to length, slitting, and coating capabilities.
A.J. Oster acquired substantially all of Alumet's assets to expand A.J. Oster's product portfolio to include aluminum sheet and strip in addition to leveraging A.J. Oster's presence in the copper and brass strip industry. This acquisition also expands A.J. Oster's geographic presence into the South and Southeast through Alumet's facilities in Atlanta and Texas while also providing additional outlets for Alumet's products through A.J. Oster's facilities in the Chicago area and Mexico.
"This transaction marks a significant step in Global Brass and Copper's strategic efforts to profitably grow through acquisition, and we are excited about adding Alumet to our company," said John Wasz, CEO of Global Brass and Copper in Schaumburg. "We have diligently searched for acquisition opportunities that are financially and strategically attractive. We expect Alumet to be accretive to our earnings and provide increased returns to shareholders. This acquisition is an important addition to A.J. Oster as it expands our geographic presence in targeted regions, strengthens our position in the aluminum market, and enhances our position as a market leader in the nonferrous metals distribution business."
Kevin Bense, president of A.J. Oster in Carol Stream said, "We are excited about the synergies this acquisition brings to A.J. Oster to generate profitable growth. We look forward to working with the Alumet leadership team and employees to integrate these businesses over the coming months."