PROVIDENCE – Ferguson Perforating Co. has been acquired by Reliance Steel & Aluminum Co. of Los Angeles, Reliance announced Tuesday.
Providence-headquartered Ferguson’s net sales for the 2016 calendar year were $31 million. Ferguson Perforating Co. CEO Bruce Ferguson will retire, but Reliance said that the rest of the management team will remain in place.
In 2016, Ferguson Perforating had 100 employees in Providence. The company had completed a $2 million expansion of its manufacturing facilities within the last year, adding nearly 19,000 square feet to its Providence structure.
Reliance acquired Ferguson by purchasing all of the company’s common stock through its subsidiary Diamond Manufacturing Co. Ferguson also has manufacturing operations in New Castle, Pa.
“Ferguson fits solidly into our growth strategy of acquiring companies with high value-added processing capabilities and furthers our product diversification,” said Gregg Mollins, president and CEO of Reliance. “The company is a very well respected perforator and is known for its ability to provide highly customized and complex processing solutions. Ferguson’s skills complement our existing perforator company, Diamond Manufacturing, and we look forward to the potential opportunities that may arise as a result of this acquisition.”
Details of the sale were not included. Reliance Steel and Aluminum could not be reached at the time of publication.
Chris Bergenheim is the PBN web editor.
