Mark H. Breedlove (724) 773-7005
TOOL STEEL AND FORMER
Pittsburgh, July 7, 2003 --- Investor group, BVV Acquisitions, announced a merger today which will form a new company with the capabilities to produce a wide variety of precision cold drawn products with extremely tight tolerances.
The merger will combine the broad size range capabilities of the idled Republic Technologies cold finish plant in Beaver Falls, PA with the expertise and capabilities of Pittsburgh Tool Steel, which is noted for its ability to produce special cold drawn shapes in a wide variety of materials, with exceptionally tight tolerances.
The newly-formed company, Keystone Profiles, Ltd., will be headquartered at the former Republic Technologies plant in Beaver Falls. Equipment and materials from the Pittsburgh Tool Steel plant in Monaca, PA will be moved gradually over the next several months, so that shipments and service to current Pittsburgh Tool Steel customers will not be affected.
Mark H. Breedlove, President and CEO of Keystone Profiles, describing the advantages of the merger says that, "Pittsburgh Tool Steel has over 100 years experience delivering precision cold drawn products to the market and has established an especially strong reputation for designing and manufacturing special shapes to meet customer needs. We envision marrying the company's technical talents with the broad manufacturing capabilities at the Republic Technologies cold finish plant. The combination will create a unique capability to deliver specialty engineered cold drawn steel products."
Keystone Profiles' product line will include:
Larry Megan, co-owner and President of Pittsburgh Tool Steel, says that, "PTS has a history of working with difficult materials to cold draw the most intricate and precise shapes available in the market. The opportunity to transfer these capabilities to a larger size range opens up new market opportunities and will provide current customers access to greatly expanded capabilities." Mr. Megan will join Keystone Profiles as part owner and Vice President Commercial.
Production trials at the Beaver Falls plant are scheduled for August; there is no planned interruption of service to PTS customers.
Frank Cremeens, co-owner and Vice President of PTS says: "This combination was developed with the intent to bring more value to our customers. Additional manufacturing equipment, an increased product range, improved cost structure and greater management depth will provide superior value for our customers." Mr. Cremeens will join Keystone Profiles as part owner and Vice President Sales.
Mr. Breedlove says that Keystone has an initial financial package in place that exceeds five million dollars a combination of equity in the company, bank financing and low-cost loans provided by the state. He notes that the sale and merger would not have been possible without the support of a number of state and local organizations and public officials. He also credited the United Steelworkers of America with the willingness to negotiate a contract that will bring a significant number of additional jobs to the Beaver County area.
Keystone Profiles is accepting orders and inquiries. For more information, customers can call (800) 777-1533, fax (724) 774-4069, e-mail: email@example.com or visit the company's website at www.keystoneprofiles.com.