Neptune-based Sterling Consolidated Corp., a supplier of hydraulic and pneumatic seals to the automotive and industrial markets, announced Wednesday the acquisition of R.G. Sales Inc., a supplier of parts to the oil and gas industry.
According to the announcement, R.G. Sales had an average revenue of $827,000 over the last three years. Sterling expects to add about $700,000-$800,000 in the next year from its acquisition.
"The expansion into western Pennsylvania allows us to increase our market share in the oil and gas sector. Many of these seals are sourced locally and it is advantageous to have a local footprint. This additional revenue should also improve our profit margins." Darren DeRosa, CEO of Sterling Consolidated, said. "We look forward to increasing shareholder value by continuing to execute our plan of strategic acquisitions."
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