Flack Global Metals and Kenwood Painted Metals Announce Merger
CHICAGO, April 3, 2017 /PRNewswire/ -- Jeremy K. Flack, CEO of Flack Global Metals, and Greg Underwood, President of Kenwood Painted Metals, have announced the merger of their companies, effective April 1, 2017. Mr. Flack will retain his position as CEO of Flack Global Metals, and Mr. Underwood will join the company as executive vice president. Flack has realized considerable recent gains that are reflected in its 34 percent year-on-year revenue growth and 30 percent gross profit increase in 2016. The merger will help Flack sustain its growth trajectory moving forward.
"As Greg and I considered this opportunity, it became evident that Kenwood's painted materials experience, strong brand recognition, and wide customer base in concert with our revolutionary approach has the potential to create a compelling presence in the metals industry," stated Mr. Flack. Ben Bucci, Flack Global Metals president, said, "This merger represents two strong companies coming together to further our capabilities for execution at even higher levels. With combined capital and scale, our companies create a compelling offering that is galvanizing the iconic US steel and metals industry. We believe this is exactly what customers and vendors expect from The Next Generation Service Center."
Kenwood will expand and enhance Flack's network of North American processing partners and global network of resources. "The merger is a great opportunity for us to expand our product offering," said Mr. Underwood. "Kenwood adds extensive coil coating expertise to Flack's impressive processing capabilities. Flack's pivotal convergence of its metals market expertise and international networks allow us to capture new opportunities and service clients from purchase through delivery."
Flack and Kenwood share an asset-light business model, forgoing physical assets in favor of developing the flexibility and geographic reach to deliver customized solutions. Both companies work primarily with OEMs in transportation, automotive, HVAC, construction, doors and lighting.
Founded in 2010, Flack designs and fulfills supply chains for OEMs using flat rolled steel, aluminum and stainless. Each metal is prepared to all value levels including coating, embossing, blanking, slitting, and sheeting. The company's market experts help customers make informed purchasing decisions and mitigate risk through long- and short-term pricing solutions that support budgets and provide increased efficiencies with greater returns. Logistics teams develop strategic programs that optimize customers' supply chains to mitigate volatility and uneven inventories.
Kenwood has been a leader in painted metals for over 30 years. The knowledge and technical expertise behind its success augments the integrity, durability, and functionality of the original material. Also joining Flack's leadership team will be Kenwood's Aaron Underwood, as vice president of construction products, Rick Sutkus, as chief operating officer, and Jeremiah Porter as vice president of business intelligence. Headquartered in Cleveland, Ohio, Flack will add Kenwood's suburban Chicago, Illinois and Atlanta, Georgia offices to its existing locations in Chicago, Scottsdale, Arizona and Columbia, South Carolina.
Contact:
Aaron Schultze
Chief of Staff
312-690-8004
About Flack Global Metals
Flack Global Metals takes price volatility out of the steel industry and adds agility and real-time responsiveness to processing and supply chain management. When the power of our asset-light business model, metals market expertise, and global resource networks meets your go-to-market strategies the result is a renewed ability to focus on your business growth with confidence in price, quality and service. Learn more at http://www.flackglobalmetals.com.
SOURCE Flack Global Metals
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