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Samuel Manu-Tech Acquires Northland Stainless
08/15/2007 - Samuel Manu-Tech acquires Northland Stainless, a recognized leader in the design, engineering, manufacture, and supply of stainless steel pressure vessels, tank heads and components.
Samuel Manu-Tech Inc. has acquired Northland Stainless, Inc., a recognized leader in the design, engineering, manufacture, and supply of stainless steel pressure vessels, tank heads and components primarily to the ethanol, pharmaceutical and chemical industries in North America.
The transaction is structured as a 100% stock purchase, with the U.S. $8.75-million purchase price subject to adjustments for working capital items. Funding for the acquisition came from Samuel's existing revolving credit facilities. Management expects the acquisition to be accretive to earnings in its first full year of operations.
This strategic acquisition complements Samuel's existing steel pressure vessel operations, including its Silvan Industries division in Marinette, Wis., and its Steel Fab division in Abingdon, Va.
“We are excited to welcome Northland Stainless, their management and employees to our group of companies,” commented Samuel's Chairman and CEO, Mark Samuel. “We consider them to be a positive addition to our steel pressure vessel group within our growing family of Metal Processing businesses".
Samuel’s purchase also allows it to expand its high-quality product range and to further grow its market share in the pressure-vessel industry. Northland has a long-standing reputation in the steel pressure-vessel industry and more recently, has enjoyed considerable growth in the ethanol market. Northland’s annual sales approximated U.S. $17 million in the fiscal year ended June 30, 2007.
Samuel Manu-Tech is a leading North American industrial products and technology company producing a wide range of steel, plastic, and related industrial products and services from locations in Canada, the United States and Mexico.
Based in Tomahawk, Wis., Northland Stainless designs, engineers, manufactures, and supplies stainless steel pressure vessels, tank heads and components primarily to the ethanol, pharmaceutical and chemical industries in North America. Northland was founded in 1973, and today employs approximately 80 people.
