Business
Live Ventures Acquires 72-Year Old Independent Steel Manufacturer Precision Marshall
Precision Marshall has been part of the Pittsburgh region’s steel industry since 1948 and is a vital link in the nation’s manufacturing supply chain LAS
About this update from Live Ventures Incorporated
[{"type":"text","content":"Precision Marshall has been part of the Pittsburgh region’s steel industry since 1948 and is a vital link in the nation’s manufacturing supply chain\nLAS VEGAS, July 15, 2020 (GLOBE NEWSWIRE) -- Live Ventures Incorporated (Nasdaq: LIVE), a diversified holding company, today announced the acquisition of Precision Industries, Inc., which does business as Precision Marshall, for approximately $31.5 million in cash. The Washington, Pennsylvania-based independent manufacturer of premium tool steels and specialty alloys was founded in 1948 and is a vital link in the nation’s manufacturing supply chain. The company uses machine applications to transform raw steel into tool-and-die steels needed in the auto, appliance, aerospace and defense industries. Its reputation for quality products and reliable distribution is exemplified by its motto, “Value as Strong as Steel.”\n The acquisition of Precision Marshall is expected to increase Live Ventures’ consolidated revenues by approximately $50 million per year. Thomas Sedlak, who joined Precision Marshall in 2008 and has most recently served as Senior Vice President, has been elevated to Chief Executive Officer. All current employees are expected to be retained through the acquisition. “We are delighted that Precision Marshall, a company that has thrived for more than 70 years, is joining the Live Ventures family,” said Jon Isaac, President and CEO of Live Ventures. “Not only does Precision Marshall fit our strategy of acquiring profitable companies that have demonstrated a strong history of earnings power, they have the impressive history and talent we seek as well. Their comprehensive network of independent distributors impressively blankets the country.” Isaac noted that the acquisition also represents an excellent cultural fit. “Precision Marshall is a real home-town success story. Like all of our Live Ventures companies, Precision Marshall is rooted in the community where it contributes to the local economy and serves as a responsible corporate neighbor.” Precision Marshall was founded in the family garage in 1948 by Thomas R. Milhollan. Tom’s son Jack Milhollan joined the company in 1973, became president and CEO, and guided the company to diversify products, invest in new technologies, and expand its distribution network. The company sells precision steel and alloy products exclusivel...