Directors of Metals Service Center Institute Vote on Merger Proposal with the National Association of Aluminum Distributors
February 28, 2002
Directors of Metals Service Center Institute Vote on Merger Proposal with the National Association of Aluminum Distributors
CHICAGO, Illinois, February 28, 2002 – The board of directors of the Metals Service Center Institute (MSCI), formerly known as the Steel Service Center Institute, has taken steps for a possible merger with the National Association of Aluminum Distributors (NAAD).
MSCI directors earlier this month approved a plan to merge with NAAD and also authorized the name change. Under terms of the MSCI proposal, NAAD would become the Aluminum Products Division of MSCI, joining existing divisions for tubular products, specialty Metals, flat rolled steel products, plates and shapes, and bar products. Members of NAAD would automatically become members of MSCI. Separately, NAAD directors authorized their leadership to actively investigate the merger.
“We are excited about the potential combination with the NAAD and enthusiastically welcome their members who are not already members of the MSCI. We look forward to quick completion of their formal due diligence and evaluation process,” said Eugene H. McNichols, MSCI’s chairman and also president and chief executive officer of McNichols Company of Tampa, Florida. “Completion of this step will mean that our combined organization will speak with one voice, and that means we will have more impact on the major Metals policy questions of the day.”
“We share many members in common today, and the fit between the two organizations is excellent. The expected economic benefits to our membership will be immediate and significant.” said M. Robert Weidner, III, president of the new MSCI.
Weidner continued, “Many of our member companies distribute ferrous and non-ferrous Metals today. Combining the unique strengths and rich histories of these two organizations into the new Metals Service Center Institute is a major step forward in our journey to significantly elevate the value proposition for our members, and become a stronger association within the Metals industry. We hope that the NAAD evaluation process proceeds quickly.”
Founded in 1907, the Metals Service Center Institute has about 300 service center members operating from about 1,000 locations in the U.S. and Canada, as well approximately 80 associate members. Together, MSCI members constitute the largest single bloc of steel purchasers in North America, with about 300,000 manufacturers and fabricators as customers. Metals service centers distribute Metals and provide first-stage fabrication services.