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Flack Steel announces merger with GlobeNet Metals

Friday, 01 November 2013

Cleveland-based Flack Steel will merge with Scottsdale, Arizona-based GlobeNet Metals, creating a $200 million business. The deal is expected to close in early November.

Flack Steel, founded by Jeremy Flack in 2012, distributes hot-rolled, cold-rolled, galvanized and painted sheet products. The company also provides proprietary derivatives for customers throughout North America. GlobeNet Metals, founded 13 years ago by Ben Bucci provides similar steel products to its industrial manufacturing customers.

According to Flack, "The combination allows us to accomplish several strategic objectives simultaneously, including expanding our geographic reach, diversifying our customer base and broadening our avenues for supply." He aded that the merger has "tremendous long-term growth potential - both organically and through additional transactions."

Bucci commented that "the combined strengths of these businesses will allow us to accelerate our respective growth agendas in ways we could not have done separately," adding that "Flack's superb derivatives tools will allow us to provide a whole new level of service to our customers."

-- Michael Fitzgerald

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