Business
Dofasco Completes Acquisition of Copperweld Mechanical Tubing and Automotive Components Businesses
Dofasco Completes Acquisition of Copperweld Mechanical Tubing and Automotive Components Businesses.
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[{"type":"text","content":"\n\n\n\n\nHAMILTON, Oct. 4 /CNW/ - Dofasco Inc. announced today that it has\nsuccessfully completed the acquisition of certain assets of Copperweld Holding\nCompany of Pittsburgh, Pennsylvania through a transaction with Atlas Tube Inc.\nof Harrow, Ontario.\nThe transaction, which was announced on August 17, 2005, was completed\neffective October 3, 2005 at a purchase price of US$177.8 million. It is\nexpected that this price will be reduced by post-closing adjustments. Dofasco\npurchased the assets related to Copperweld's mechanical tubing and automotive\ncomponents businesses from Atlas immediately following the acquisition of\nCopperweld Holding Company by Atlas.\n\"We've bought a successful business and we now intend to leverage our\ncombined strengths to expand our product range in the automotive market and to\ngrow in non-automotive niche markets for tubular products\", said Don Pether,\nDofasco's President and Chief Executive Officer.\nBill Chisholm, President of Dofasco's Tubular Products Division added,\n\"It is tremendous to see the cooperative effort being made by the team of\npeople from both Dofasco and Copperweld. We look forward to the full\nintegration of the Copperweld facilities with Dofasco's existing tubular\nbusiness.\"\nDofasco is a leading North American steel solutions provider. Product\nlines include hot rolled, cold rolled, galvanized, Extragal(TM), Galvalume(TM)\nand tinplate flat rolled steels, as well as tubular products, laser-welded\nblanks and Zyplex(TM), a proprietary laminate. Dofasco's wide range of steel\nproducts is sold to customers in the automotive, construction, energy,\nmanufacturing, pipe and tube, appliance, packaging and steel distribution\nindustries.\nThis News Release may contain forward-looking information with respect to\nDofasco's operations and future financial results. Actual results may differ\nfrom expected results for a variety of reasons including the factors discussed\nin the Management's Discussion and Analysis section of Dofasco's 2004 Annual\nReport and the Quarterly Reports to Shareholders for the periods ended\nMarch 31, 2005 and June 30, 2005.\n\n\n","length":2181,"tagName":"div"}]