Optima Specialty Steel Subsidiary Niagara LaSalle to Sell Chrome Plated Bar Assets
MIAMI--(BUSINESS WIRE)--Optima Specialty Steel, Inc. (“Optima”), one of North America's leading independent manufacturers of specialty steel products, today announced that Niagara LaSalle, its wholly-owned subsidiary, has entered into a definitive agreement under which PTC Alliance will acquire the operating and commercial assets associated with Niagara LaSalle’s chrome plated bar product line. The transaction is expected to close July 31, 2014.
“We will continue to focus our efforts and resources on carrying out our strategic initiatives to ensure Optima remains a market leader of value added steel solutions.”
The assets involved in the transaction are used to produce chrome plated steel bar and tubes used for piston rods in hydraulic and pneumatic cylinders; products that are used in construction and materials handling equipment, farm equipment and industrial machinery. Upon the closing of the transaction, Niagara LaSalle will no longer maintain operations in Griffith, Indiana and will also no longer be engaged in this line of business. Niagara LaSalle will assist PTC Alliance in the smooth transition of customers to its subsidiary, Enduro Industries.
“While we have successfully established Optima as a leading player in the niche market for high-quality chrome plated steel bar products, owning this business does not align with our long-term strategy to grow our leadership position in our other higher-margin business lines,” said Michael Salamon, President & Chief Operating Officer of Optima. “We will continue to focus our efforts and resources on carrying out our strategic initiatives to ensure Optima remains a market leader of value added steel solutions.”
About Optima Specialty Steel, Inc.:
Optima Specialty Steel, Inc., headquartered in Miami, FL, is one of North America’s leading independent manufacturers of specialty steel products. Operating through its three wholly-owned subsidiaries, Michigan Seamless Tube, LLC, Niagara LaSalle Corporation and Kentucky Electric Steel, the organization leverages its technical expertise, skilled workforce and sophisticated equipment to produce highly engineered products, including seamless cold drawn pipe and tube, cold finished steel bars and flats and various SBQ and MBQ products. Optima Specialty Steel is dedicated to maximizing the value of its subsidiaries through strategic capital investments that serve to drive innovation, enhance operations, facilitate growth and maintain the highest levels of customer service.