Pittsburgh, PA – January 31, 2008 – F.N.B. Capital Corporation, LLC, the Pittsburgh based merchant banking subsidiary of F.N.B. Corporation (NYSE – FNB), has provided capital financing for the purchase of Marwas Steel Company of Scottdale, PA. The purchase was led by James Philipkosky of MLP Steel, LLC. Financial details were not released, but the company will remain local.
“Although vastly different from the days of giant steel mills, the steel industry continues to be an important business in greater Pittsburgh,” said Stephen Gurgovits, Jr., President and Chief Executive Officer of F.N.B. Capital Corporation. “Marwas Steel has successfully found the right mix of products and customers to assure future growth. We are very excited to be a part of this transaction.”
“I am very excited to be working with such an outstanding team of professionals and believe we are well poised to experience exceptional growth within the metal working industry,“ noted Jeff Pfeifer, President and C.E.O. of MLP Steel.
MLP Steel, which will continue to do business as Marwas Steel Company, is one of the area’s leading manufacturers and fabricators of specialty steel wire and rod products for use in a variety of end markets such as industrial construction, roads & infrastructure, mining, transportation, automotive, aviation, and consumer products. Marwas operates two distinct divisions: Fayette Steel Company, which manufactures various types of cold drawn rod (i.e. “heavy wire”) in round, hexagon, square, and flat configurations from wire stock, and Laurel Steel Products Company, a manufacturer of various types of standard and specialty grating, such as heavy duty steel bar grating used in a variety of industrial applications, walkway grating, and roadway inlet frames and grates. Fayette Steel employs 34 at its Scottdale, PA location, while Laurel Steel, located in Everson, PA employs 38.
About F.N.B. Capital Corporation, LLC:
F.N.B. Capital Corporation, LLC is headquartered in Ross Township, PA. A subsidiary of F.N.B. Corporation, it specializes in providing subordinated debt, private equity, and other types of financial capital to small and medium sized commercial enterprises, focusing on recapitalizations, buyouts, generational transitions, mergers and acquisitions, and other growth capital needs.
About F.N.B. Corporation:
F.N.B. Corporation, headquartered in Hermitage, PA had total assets of $6.1 billion at December 31, 2007. F.N.B. is a leading provider of banking, wealth management, insurance, merchant banking and consumer finance services in Pennsylvania and Ohio, where it owns and operates First National Bank of Pennsylvania, including its Legacy Bank and Legacy Trust Company Divisions, First National Trust Company, First National Investment Services Company, LLC, F.N.B. Investment Advisors, Inc., First National Insurance Agency, LLC, F.N.B. Capital Corporation, LLC, and Regency Finance Company. It also operates consumer finance offices in Tennessee and loan production offices in Tennessee and Florida.