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

    • Hope is Not a Plan

      This is sobering. A local business broker in Indianapolis reports nine out of 10 business owners who want to sell are turned away. Of the one in 10 that does make it past the first analysis to sell, over half of those company owners don’t get the sale price they hope for or believe the business is worth. Bottom line, hope is not a plan if you want to sell your business.

    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

    • Brooke's Candy Refocuses, Will Close Terre Haute Shop

      Dana-based Brooke's Candy Co. says it will close its downtown Terre Haute retail shop June 1. The location opened less than two years ago and is the company's second storefront. In a message on Facebook, Brooke's Candy Co. says the decision will allow it to focus on the Brooke's Naturals line, which includes cookie, brownie, cake and bread mixes. The company calls it a tough decision, saying...

    • Angela Smith Grossman

      DCS Appoints Assistant Deputy Director

      The Indiana Department of Child Services has promoted Angela Smith Grossman to assistant deputy director of field operations, a new position that will focus on enhancing the agency’s foster and collaborative care programs. She has been with DCS for more than 27 years. During her tenure with DCS, Smith Grossman served as a regional manager, local office director and family case manager supervisor.  

    • (photo courtesy of Wilson St. Pierre Funeral Home)

      Chateau Thomas Winery Owner Dies

      The owner and president of Chateau Thomas Winery in Plainfield has died. Charles Thomas, a longtime OB-GYN who practiced for more than 30 years, founded the winery in 1984 along with his wife, Jill. He was 86.

    • Picture Courtesy: Indianapolis Airport Authority

      Indy Airport Among 'World's Best Domestic Airports'

      Travel + Leisure Magazine has named Indianapolis International Airport one of readers' favorite domestic airports in the world. The airport landed the second spot on the magazine’s 2019 World’s Best Awards. .

    • (Provided Photo/Indianapolis Zoo)

      Top Nature Group to Locate Global Center in Indianapolis

      Indianapolis Zoo President Dr. Rob Shumaker has signed an agreement with the world’s largest and most important environmental conservation organization to locate a first of its kind global center in Indianapolis. The agreement with the International Union for the Conservation of Nature creates the first Global Center for Species Survival, which will support an estimated 9,000 experts and scientists around the world and make Indianapolis a hub for...