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September 08, 2008


Samuel Manu Tech sub allies with Viking & Worthington Steel

The Canadian Press reported that a majority owned steel pickling subsidiary of Samuel Manu Tech Inc has formed a strategic alliance with Viking & Worthington Steel Enterprises LLC in Ohio.

As per report Samuel Pickling has agreed to process Viking & Worthington Steel's product, while Viking & Worthington Steel will in return take a minority stake in the company. Financial terms were not disclosed.

V&W will shut down its steel pickling operation near Valley City, to have their northeast Ohio pickling requirements processed at Samuel Pickling. The deal, expected to be accretive to earnings in its first full year, is expected to close in June.

Steel pickling is the process of chemically removing scale or rust from newly formed metal.

Samuel Manu Tech is a value added processor and distributor of metal, plastic and related industrial products and services. With facilities located throughout Canada, the United States and Mexico, the Company operates primarily within the North American market.