Paragon Metal to Purchase Ohio Firm – WISH-TV | Indianapolis Information | Indiana climate
BUTLER, Ind. (Inside INdiana Business) – A carbon steel products processor headquartered in DeKalb County is expanding its portfolio. Paragon Steel has acquired Cleveland-based Buckeye Metals Industries Inc., but the financial terms of the deal are not disclosed.
Bruce Whitman, General Manager of Paragon, says the two companies have been industrial partners for several years and calls the acquisition a “win-win” situation. He says the deal will allow both companies to better serve their customers and grow in the flat rolled steel market.
Buckeye Metals was owned by the Ison family and Paragon says chief executive officer Bruce Ison will remain as chairman emeritus of the Buckeye board of directors. The acquired company will continue to trade as Buckeye Metals Industries and other members of the Ison family will continue to hold executive positions.
“We have great respect for the Ison family and the fantastic industrial legacy they have built over many years through this company,” added Jerry Henry, owner of Paragon Steel. “We have very similar corporate cultures, with both integrity-centered and people first. We look forward to the future of the steel industry and the opportunity to grow with the Buckeye team. “
Bruce Ison described the acquisition as “perfect” and expects an easy change of ownership.