Mar 2 2011
Shale-Inland Chief Executive Officer and Chairman of the Board, Craig T. Bouchard, announced Shale-Inland's acquisition of 100% of the stock of Main Steel Polishing Company, Inc., which is based in Tinton Falls, New Jersey.
The debt-free transaction provides Shale-Inland with a national footprint in metal processing. The acquisition supplements its existing operating entities: Shale-Inland Stamping and Fabricating, Midland Chutes, and Shale-Solar LLC.
Main Steel Polishing Company is the largest processor of stainless steel in the United States with facilities in New Jersey, Pennsylvania, Ohio, Georgia, Illinois, and California. The company also processes aluminum, titanium, nickel-based alloys, and red metals.
"It is rare to have the opportunity to acquire a crown jewel asset of this nature," stated Bouchard. "Main Steel has long been the quality leader in the North American stainless steel marketplace. I extend my personal thanks to the Mallan family for entrusting Shale-Inland with the future of the fine company Tom Mallan Sr. founded 55 years ago."
"While it was extremely difficult to make the decision to sell the family business, I feel confident in the abilities and professionalism of Craig and the Shale-Inland leadership team," stated Linda Mallan, Vice Chairman of the Board, Main Steel Polishing Company. "They (Shale-Inland) are dedicated to the quality, services, customer relationships, and employee loyalty that my late husband, Tom Mallan Sr., established more than 55 years ago. To that end, all employees will retain their positions, and Main Steel will continue to provide the same fine services and products to its account base with the added opportunity to grow in other ways."
Mr. Bouchard also announced an equity investment in Shale-Inland by The Stephens Group of Little Rock, Arkansas. "We are proud to have the backing of one of the most respected investors in North America," stated Bouchard. "The Stephens Group has a long history of supporting and providing capital to family-owned businesses. In the steel industry of our generation, having a fortress-like balance sheet is a necessary ingredient for success."
Main Steel will continue to operate as the Main Steel Polishing Company, a wholly owned subsidiary of Shale-Inland. Its entire executive management team will remain with the company.