Illinois metals manufacturer and distributor Tri Star Metals announced Tuesday that it has reached an agreement to acquire Connecticut counterpart Siri Wire.
Tri Star officials said in a statement that adding Siri, a stainless steel and nickel alloy re-draw mill with “strong distribution capabilities,” would result in a combined company with a broader product range, increased efficiency and greater technological capabilities.
Under the deal, Siri Wire would continue to operate as an independent business led by Bryan and David Hitchcock; Bryan Hitchcock will remain its president and join Tri Star’s executive committee.
Additional terms of the proposed transaction were not disclosed.
“This strategic combination of manufacturing and distribution within the U.S. will enable us to better serve both TSM and Siri Wire’s customers,” Tri Star Metals President and CEO Jay Mandel said in a statement. “We have known the Hitchcock family for over 20 years and have always been impressed with their leadership and stewardship of Siri Wire.”
Bryan Hitchcock added, “This partnership allows us to offer greater engineering and metallurgical support to our customers while expanding our product offerings throughout the region.”
