Olympic Steel Inc. has acquired the assets of McCullough Industries Inc. of Kenton, Ohio, in an all-cash deal. The amount was not disclosed.
McCullough Industries manufactures and sells branded self-dumping hoppers used in various industrial applications. Its products are primarily sold through industrial distributors and catalogs.
The deal, which is immediately accretive, represents Olympic Steel’s second strategic acquisition in the past nine months, following its purchase of Indiana’s Berlin Metals LLC.
“The McCullough acquisition marks our entry into manufacturing and marketing metal-intensive branded products, which is a key element to our long-term growth strategy,” Olympic Steel CEO Richard T. Marabito said in a statement. “Vertical integration into manufacturing metal products allows us to utilize our existing assets and expertise to more consistently capture higher profit from the point of raw material purchase through the ultimate sale to the end customer.”
McCullough products will continue to be manufactured in Kenton by the existing workforce. Olympic Steel veteran Joseph Casey has been named general manager at McCullough Industries.