OAK BROOK, Ill., June 12, 2014 /PRNewswire/ -- A. M. Castle & Co. (NYSE: CAS), a global distributor of metal and plastic products, value-added services and supply chain solutions, announced today that it has signed a long-term agreement to become a preferred supplier of raw materials and value added services, including processed and machined parts and supply chain solutions, to business units of United Technologies Corp. (NYSE: UTX).
"Our partnership with UTC over the past several decades has helped us become a more valuable supplier to all of our customers," says Steve Letnich, Chief Commercial Officer with Castle Metals. "This contract further solidifies our strategy to become the foremost provider of value-added services and supply chain solutions for the Aerospace, Oil & Gas and Industrial markets. As we collaborate, grow and continuously improve our value offering to UTC, all of Castle's customers – across all industries – will benefit."
"UTC is looking for strong global partners that will relentlessly strive for excellence in service and value," says Rishi Grover, vice president of supply chain for UTC Aerospace Systems – Aircraft Systems. "We are pleased to be growing our global partnership with Castle."
Jeffrey Place, vice president of supply chain for UTC Aerospace Systems – Power Controls & Sensing Systems says, "Castle continues to demonstrate its value and commitment to UTC. They have supported our V2 initiatives and we look forward to continued value enhancements through our growing global partnership."
About A. M. Castle & Co.
Founded in 1890, A. M. Castle & Co. is a global distributor of metal and plastic products and supply chain services, principally serving the producer durable equipment, oil and gas, commercial aircraft, heavy equipment, industrial goods, construction equipment, retail, marine and automotive sectors of the global economy. Its customer base includes many Fortune 500 companies as well as thousands of medium and smaller-sized firms spread across a variety of industries. Within its metals business, it specializes in the distribution of alloy and stainless steels; nickel alloys; aluminum and carbon. Through its wholly-owned subsidiary, Total Plastics, Inc., the Company also distributes a broad range of value-added industrial plastics. Together, Castle and its affiliated companies operate out of more than 50 locations throughout North America, Europe and Asia. Its common stock is traded on the New York Stock Exchange under the ticker symbol "CAS."
SOURCE A. M. Castle & Co.