Berlin Metals Acquired by Ohio Company

Posted: Updated:
(photo courtesy of our partners at The Times of Northwest Indiana) (photo courtesy of our partners at The Times of Northwest Indiana)
HAMMOND -

Hammond-based Berlin Metals LLC is under new ownership. Olympic Steel Inc. (Nasdaq: ZEUS) in Ohio has acquired the more than 50-year-old company, though financial terms of the all-cash deal were not disclosed.

Berlin Metals President Roy Berlin tells our partners at The Times of Northwest Indiana he had been thinking about succession plans as he nears retirement age. He said consolidation was the logical path and he looked for a company that would be a "good fit to be the new owner of Berlin."

"And by fit I don’t just mean a company that bought and sold the same products, but a company that also had a similar family-oriented culture, and a culture of fairness and ethical behavior," Berlin told the publication. "I’ve been familiar with Olympic Steel for many years and have always liked and respected their chairman, Michael Siegal. They hire smart people, they’ve shown tremendous growth, they buy similar products, and they have an excellent reputation."

Berlin Metals employs 65 at its 120,000-square-foot Hammond facility where it processes and distributes prime tin mill products and stainless steel strip in slit coil form for customers in the building products, automotive and specialized industrial markets. Olympic Steel says Berlin Metals will continue to operate under its brand name with Roy Berlin remaining as part of the management team.

"This acquisition adds new products and markets, both of which are central to our growth strategy," said Olympic Steel's Chairman and Chief Executive Officer Michael Siegal. "Berlin Metals also has a growing stainless steel business, compounding our organic growth in these products. With minimal customer overlap, this is a perfect complement to existing operations."

Berlin Metals will be folded into Olympic Steel's Specialty Metals Flat Products business, led by President Andy Markowitz.

  • Perspectives

    • Are Tax Incentives an Economic Development Answer?

      Economic development deals are in the news all the time. As companies announce expansions or headquarter relocations, the media is rife with details about incentives offered to secure these projects. Some argue that these incentives would not be necessary if governments did not compete against one another for projects. But the fact is, competition does exist. As a result...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (Image of the federal courthouse in Indianapolis courtesy of the U.S. Attorney for the Southern District of Indiana's Office.)

      Fraud Charges Hit Muncie City Official, Business Owner

      A city official and a local businessman in Muncie have been charged in related fraud schemes. The cases, which were investigated by the Federal Bureau of Investigation and the Internal Revenue Service, stem from alleged kickbacks and illegal purchases involving city-owned property. The office of United States Attorney for the Southern District of Indiana Josh Minkler says charges against...

    • (Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.)

      'Backyard Shelby' Involves, Seeks Young Talent

      The city of Shelbyville is looking to make itself more attractive to young and diverse professionals by going straight to the source and asking what they want. The city has launched Backyard Shelby, a group of young professionals helping to develop and implement a talent attraction and retention strategy. Mayor Tom DeBaun says the group will focus promoting the city's livability, amenities and "sense of authentic community" to new talent. DeBaun says Shelby County's...

    • Thor Set to Become Largest RV Maker in The World

      Elkhart-based Thor Industries Inc. (NYSE: THO) has announced an agreement to acquire a German recreational vehicle manufacturer for approximately $2.4 billion. Once complete, Thor says the deal for Erwin Hymer Group SE will create the world's largest RV maker. EHG currently employs more than 7,300 globally and its RVs are sold through a network of over 1,200 retailers. The companies say they expect no change in employee headcount or number of facilities as a result of...

    • Carmel Ranked Among Best Places to Live

      Carmel has been chosen as the 3rd best place to live in the U.S. according to MONEY.  The publication only looked at cities with a population of 50,000 or greater, and eliminated any place that had more than double the national crime rate, less than 85-percent of the state's median household income, or lack of ethnic diversity.  MONEY was able to pare the list down to 50 communities after delving into data concerning economic health, public education, cost of...

    • Manufacturer Bringing 500+ Jobs to Hobart

      An Illinois-based manufacturer is moving two manufacturing operations from Illinois to Indiana, with plans to create up to 582 jobs in Hobart by the end of 2021. Wynright Corp., which makes intelligent material handling systems, says it will invest $26 million to build and equip a facility at the NorthWind Crossings business park. Parent company Daifuku North America says the move puts the operations under one roof in a location that's able to handle future growth.