Matalco Inc., a division of Toronto-based Giampaolo Group Inc., has reportedly acquired the Ohio Valley Aluminum Co. LLC (OVACO), based in Shelbyville, Kentucky. The news came after KPMG Corporate Finance LLC, which served as the financial advisor of the OVACO, reported it officially.
Founded in 1955, the OVACO is a manufacturer of high-quality 6000-series aluminum billet made from aluminium scrap for the aluminum extrusion industry.
Matalco also manufactures 6000-series aluminum billet for aluminum extrusion and forging applications. The company operates six billet plants in the United States, and its seventh plant is under construction in Franklin, Kentucky. According to KPMG, the seventh plant will bring Matalco’s total capacity to 1.6 billion pounds annually.
However, in context to the acquirement, Matalco made no official statement to the media.
OVACO president Steven Richardson said, “This is an exciting time for OVACO’s continued evolution. We have diligently upgraded systems and made improvements to keep up with our customers’ demands over the last decade. This new chapter in OVACO’s story will further improve our abilities as the synergies realized through this transaction will benefit OVACO, Matalco, and most importantly, our combined customer base.”
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