Luxembourg-based Aperam, a company specializing in stainless, electrical and specialty steel, recently agreed to purchase Bridgeville, Pa.-based Universal Stainless and Alloy Products, a manufacturer and marketer of semi-finished and finished specialty steels.
In an all-cash transaction, Aperam will acquire all the outstanding Universal shares for $45 per share. Once the transaction is complete, Universal will become a wholly owned subsidiary of Aperam and will do business as Universal Stainless. It will maintain its headquarters in Bridgeville.
The purchase allows Aperam to strengthen its commitment to de-commoditization and increases its exposure to high-margin industries.
“This is an exciting opportunity to become part of a respected leader with complementary capabilities and strong financial resources,” Christopher M. Zimmer, Universal president and CEO, said. “It recognizes our substantial accomplishments thus far and it’s a major step forward towards accelerating our growth momentum and development. Importantly, this combination offers tangible benefits to our stockholders, our team and our customers.”
Founded in 1994, Universal Stainless and Alloy Products manufactures stainless steel, nickel alloys, tool steel and certain other alloyed steels.
Aperam has customers in more than 40 countries. The business is organized in three operating segments: stainless and electrical steel, services and solutions, and alloys and specialties.