Springfield, Ohio-based distributor Benjamin Steel Co. Inc. announced Monday that it has acquired the structural steel division of Byer Steel Group, which was renamed Frederick Steel. The division will continue to operate at its current location as a wholly-owned subsidiary of Benjamin Steel, and the remainder of Byer Steel's operations will continue under their existing ownership and operation.
"We have considered the strategy of growth through acquisition for years, and we are very pleased that the opportunities for growth with this acquisition are tremendous when considering our combined strengths," said Nick Demana, president of Benjamin Steel Co., in a statement.
Burke Byer, president and CEO of Byer Steel, told local news reports that the sale will allow the company to focus on growing its rebar and recycling business.
Terms of the deal were not disclosed.
