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By EmploymentCrossing.com
Russian Steelmaker Buys US Tubular Steel Company
By EmploymentCrossing.com
The largest independent tubular steel maker in the United States is being bought by the Russian steelmaker Novolipetsk. The Russian steelmaker signed an agreement to buy the John Maneely Company.
JMC is a steel pipe and tube manufacturer located in Beechwood, Ohio. JMC operates throughout five states and in Canada.
It is estimated that JMC will bring in over $3 billion in sales this year.
The Russian company is going to buy JMC from a private equity firm and the Zekelman family on a debt-free, cash basis.
It is probable that the deal will close by the end of this year.
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