Haskins Steel bought by L.A. company
Terms of the sale to publicly traded Reliance Steel & Aluminum Co. were not disclosed.
The acquisition gives Reliance a beachhead in the Northwest, said company spokesman Lasse Glassen.
Haskins is known in the industry as a metals service center – a company that performs first-stage processing of metals for industrial customers.
Haskins also distributes carbon steel and aluminum products to customers across the Pacific Northwest. It employs about 100 workers at its production and office center at 3613 E. Main Ave.
A news release announcing the sale noted Haskins had 2012 net revenue of $31.5 million.
Craig Dias, previously company vice president, has been named the Spokane general manager.
Dias said he’s been told no cuts in headcount are planned.
“Our customers won’t see any change,” Dias said.
The Haskins name and brand will also be maintained to ensure continuity with regional customers, said Glassen.
Reliance, through a number of subsidiaries, has more than 290 locations in 39 states and 10 countries. Its revenue in 2012 came to $8.4 billion.
Acquiring companies has been a central part of Reliance’s strategy, added Glassen.
“This is the 56th acquisition by Reliance since 1994,” he said.
Reliance looks for companies that are well-managed and have a solid balance sheet, Glassen said. “Haskins is one of those companies that fits our criteria very well,” he said.
The company tries to serve large, midsize and smaller steel-buying customers. “The average sale for our steel customers is just $1,400,” he said.
The Spokane site will reap a cost savings through volume orders of steel from Reliance’s steel mill providers, he added. Reliance orders only a small amount of steel from non-U.S. producers, Glassen said.