Consolidated Stainless expands into Midwest.LONGWOOD, Fla.--(BUSINESS WIRE)--June 25, 1996--Consolidated Stainless Inc. (NASDAQ/NMS: PIPE) today announced that it completed its acquisition of Twenty First Century Metals Inc., a Chicago area based master distributor of stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. pipe, valves and fittings. Terms of the acquisition were approximately $400,000 consisting of a combination of cash and CSI CSI Crime Scene Investigator CSI CompuServe, Inc. CSI Commodity Systems, Inc. CSI Commodity Systems Inc. (Boca Raton, FL) CSI Crime Scene Investigation (CBS TV show) CSI Christian Schools International common stock, subject to adjustment based on the outcome of a final audit as of the closing date. Customers of Twenty First Century Metals include smaller distributors and service centers located in the Midwest. "Since this is our initial entry into the Midwest, it will allow CSI to establish for the first time a foothold foot·hold n. 1. A place providing support for the foot in climbing or standing. 2. A firm or secure position that provides a base for further advancement. foothold Noun 1. in this part of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. ," stated Ronald J. Adams
Twenty First Century Metals' unaudited financial statements for the fiscal year ended 1995, showed profitable results on annual sales of approximately $3,053,000. Consolidated Stainless Inc. manufactures stainless steel pipe, flanges and nipples and supplies a broad line of stainless and exotic alloy alloy (ăl`oi, əloi`) [O. Fr.,=combine], substance with metallic properties that consists of a metal fused with one or more metals or nonmetals. pipe, valves and fittings (PVF PVF Polyvinylidene Fluoride PVF Pipe, Valves and Fittings PVF Poly-Vinyl Fluoride PVF Present Value Factor PVf Peso Vivo Final (Portugese) PVF Prepaid Variable Forward (equity trading strategy) ) and related products through its distribution network. The company's customers include original equipment manufacturers, commercial and industrial end-users and other distributors throughout the United States and Canada. Headquartered in Longwood, Fla. (Orlando area), Consolidated's primary production facilities are located in Auburndale, Fla., Lakeland, Fla. and Houston. With this acquisition, the company operates seven distribution/service centers in Florida (3), California, Georgia, Illinois and Texas. Common stock in Consolidated Stainless Inc. is traded on NASDAQ's National Market System under the symbol "PIPE." CONTACT: Ronald J. Adams, President 407/682-4999 or Steven Kessler, 212/867-6160 |
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