An Arnprior manufacturer that specializes in precision metal products for customers in the nuclear, aerospace and defence sectors has been sold to a Fortune 500 firm based in Los Angeles.
Nu-Tech Precision Metals has been acquired by Reliance Steel & Aluminum, the publicly traded California company announced Monday. Terms were not disclosed.
Originally founded in 1960, Nu-Tech was rebranded under its current name in 1985. According to a news release, the company posted net sales of $44 million last year.
The firm says it operates Canada’s only commercial electron beam welding facility, which produces complex seamless pipes, tubes and rods made of materials such as titanium, zirconium and copper.
Nu-Tech now becomes part of a steel industry giant in Reliance, which generated revenues of nearly $9 billion in 2020 and has close to 13,000 employees worldwide.
The U.S. firm specializes in metal processing and has more than 125,000 customers. Since going public on the New York Stock Exchange in 1994, Reliance has acquired more than 20 companies.
Reliance CEO Jim Hoffman called Nu-Tech a “high-margin” business with a “respected and established position” in the nuclear and aerospace industries. He said the Nu-Tech acquisition will help Reliance diversify its customer and product bases as well as expand its geographic footprint.
“Nu-Tech fits within Reliance’s methodology of acquiring immediately accretive companies with strong management teams, brand recognition and quality reputations,” Hoffman added in a statement.