BUTLER, Ind. (Inside INdiana Business) — A carbon-steel products processor headquartered in DeKalb County is adding to its portfolio. Paragon Steel has acquired Cleveland-based Buckeye Metals Industries Inc., though financial terms of the deal are not being disclosed.
Paragon General Manager Bruce Whitman says the two companies have been industry partners for several years and calls the acquisition a “win-win.” 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 emeritus chairman of the Buckeye board. The acquired company will continue to operate under the Buckeye Metals Industries division name and other members of the Ison family will maintain leadership roles.
“We have immense 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 company cultures, with both built on a focus on integrity and putting people first. We are excited about the future of the steel industry and the opportunity to grow with the Buckeye team.”
Bruce Ison called the acquisition a “perfect fit” and expects an easy transition of ownership.