Industry

Parsippany company sold as part of metals industry deal

By Lynda Cohen
Parsippany | November 3, 2017 at 11:23 am

By Lynda Cohen
November 3, 2017 at 11:23 am

Parsippany’s Alumet Supply will help a national metal distributor expand its products and presence, the company has announced.

A.J. Oster LLC, a subsidiary of Global Brass and Copper Holdings Inc., has acquired Alumet as part of Unimet Metal Supply Inc.

The $42 million cash deal will add aluminum sheet and strip to Oster’s product portfolio, and leverage the company’s presence in the copper and brass strip industry.

“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 Global Brass and Copper CEO John Wasz. “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 non-ferrous metals distribution business.”

Oster President Kevin Bense 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.”

2017-11-03T11:23:09+00:00
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