CLEVELAND--(BUSINESS WIRE)--Olympic Steel Inc. (Nasdaq: ZEUS), a leading national metals service center, today announced that it has acquired certain assets related to the manufacturing of the EZ-Dumper® hydraulic dump inserts. Terms of the purchase were not disclosed. While the EZ-Dumper acquisition will not be material to Olympic Steel’s financial performance, the company does believe it will be incrementally positive to EBITDA. This represents Olympic Steel’s second branded metal products acquisition in the past seven months, following the McCullough Industries transaction in January 2019.
EZ-Dumper steel and stainless steel dump inserts for pickup truck and service truck beds are sold through a network of more than 100 dealers across the United States and Canada.
“Continuing to expand in the metal-intensive branded products space is a key element of our growth and diversification strategy, and the EZ-Dumper asset acquisition represents our second such acquisition,” said Richard T. Marabito, Olympic Steel Chief Executive Officer. “We believe combining our strengths in raw material supply and metal processing with EZ-Dumper’s product quality and brand recognition will provide a consistent and growing EBITDA stream for our organization. We are committed to actively evaluating additional opportunities to add to our metal-intensive branded products portfolio.”
The EZ-Dumper brand, which was introduced to the market in 1972, is nationally recognized and its portfolio of insert products is known for quality and innovation. Built from heavy-gauge materials and backed by a structural steel frame, the dump inserts can hold and unload up to 6,000 pounds of material for construction, landscaping and home renovation applications. Made to bolt directly into most full-size pickup trucks, or custom-made for service and utility body vehicles, each insert lowers and dumps utilizing a 12-volt hydraulic pump that plugs directly into the truck battery. For more information, visit http://ez-dumper.com/.
EZ-Dumper will be included in Olympic Steel’s Carbon Flat Products segment, and its manufacturing assets and employees will be integrated into Olympic Steel’s facility in Chambersburg, Pennsylvania, which is near EZ-Dumper’s current manufacturing facility in Waynesboro, Pennsylvania.
About Olympic Steel
Founded in 1954, Olympic Steel is a leading U.S. metals service center focused on the direct sale of processed carbon, coated and stainless flat-rolled sheet, coil and plate steel, aluminum, tin plate, and metal-intensive branded products. The Company’s CTI subsidiary is a leading distributor of steel tubing, bar, pipe, valves and fittings, and fabricates pressure parts for the electric utility industry. Headquartered in Cleveland, Ohio, Olympic Steel operates from 30 facilities in North America.
