COPPERWELD EXPANDS BIMETALLICS BUSINESS THROUGH ACQUISITION OF RHODE ISLAND COMPANY
Metallon began operations in 1984 and produces a variety of clad metal strips. It sells these materials to the automotive, appliance, electronic and telecommunications markets.
Copperweld said that it plans to continue operations at the Pawtucket facility, which employs about 50 people. The new business will operate as Copperweld Bimetallics Metallon Division and will continue under the existing Metallon management team.
"The addition of Metallon's clad strip capability will nicely complement our bimetallics business," said John D. Turner, Copperweld President and Chief Executive Officer. "We see this acquisition as a way to grow into other markets."
Copperweld began manufacturing bimetallic wire in 1915 and is currently the world's largest producer of copper clad steel and copper clad aluminum wire. These products are produced at the company's Fayetteville Division in Fayetteville, Tennessee.
The Metallon Division and the Fayetteville Division will report to Alan L. Smith, Vice President and General Manager, Copperweld Bimetallics. Mr. Smith said that "Metallon's fundamental capabilities will be supported with Copperweld's financial strength to enhance product quality, capacity and service for the markets currently served.
"In addition," he continued, "capabilities to serve other markets will be addressed over the next few years. Synergies such as raw materials purchasing, technology, markets and customers will be leveraged to increase the overall performance of our bimetallics business."
Copperweld is headquartered in Pittsburgh, Pennsylvania. In addition to its bimetallic wire business, the company also manufactures mechanical and structural steel tubing at plants in Shelby and Piqua, Ohio; Chicago, Illinois; and Birmingham, Alabama. Copperweld is a wholly owned subsidiary of IMETAL, headquartered in Paris, France.
/CONTACT: Alan L. Smith, Vice President and General Manager of Copperweld Bimetallics, 615-433-7177/
CO: Copperweld Corporation; Metallon Engineered Materials Corporation;
Copperweld Bimetallics Company ST: Rhode Island IN: MNG SU: TNM
CD-GT -- PG010 -- 5096 08/16/95 16:01 EDT
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|Date:||Aug 16, 1995|
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