John Maneely Co. completed a restructuring that it expects will position the maker of welded steel pipes to grow through acquisition and to hire more workers. The Beachwood, Ohio-based company, which is a portfolio company of the Carlyle Group, plans to change its corporate name to JMC Steel Group to reflect its core steel pipe and tubular products business.
John Maneely Company announced today that it has completed an organizational restructuring that will position it to grow through acquisition, hire new employees and improve customer service. As part of the restructuring, the company’s name will change to JMC Steel Group, a reflection of the company’s core steel pipe and tubular products business.
Frank A. Riddick, III, chief executive officer of JMC Steel Group, said, “We are now in a position to grow, hire new people, reduce costs and provide career advancement opportunities for our colleagues. The restructuring enables us to take full advantage of the synergies that existed within our pipe and tubular companies. We were able to consolidate along functional lines — purchasing, production planning and business development, for example — to make us more cost efficient and responsive.”
He added, “Our new name more clearly defines our core business — we produce steel pipe and tubular products, primarily for the non-residential construction, transportation and energy markets. We plan to add new groups of brands or companies that complement the businesses in our steel group.”
David Seeger, president of JMC Steel Group, said that the restructuring and name change will better define the company’s brand in the marketplace. “The recent acquisitions and mergers by the John Maneely Company, including the addition of several new products, has been beneficial to our customers but the marketplace may not be fully aware of our full product lines and capabilities. The name change and restructuring will clearly define who we are.”
Mr. Seeger added, “There were some areas within our companies that overlapped and others that provided us the opportunity for natural marketing combinations — pipe and piling for example — or the marketing of DOM and HSS products, both of which are primarily sold through metal service centers. This change will help us better focus our sales and marketing efforts. At the same time, our new structure still gives us the flexibility to continue to serve distinct market segments and customers.”
Mr. Seeger explained that the broad-based capabilities of the firm can also save its customers money. “The wide breadth of products produced by the divisions of JMC Steel Group will allow us to deliver complete pipe and tube solutions across multiple applications. Being a total source provider will help our customers recognize cost savings in a number of areas.”
Mr. Riddick concluded, “Our majority owners, The Carlyle Group, a global alternative asset manager, and the Zekelman family, have supported our growth plans by providing financial stability, capital, business opportunities and expertise in several areas.”
About JMC Steel Group
The JMC Steel Group is the largest independent steel tubular manufacturer in North America, producing more than 2 million tons of pipe and tubular products a year and employing more than 1,750 people. It operates 11 manufacturing facilities in the U.S. and Canada and is a market leader in steel hollow structural sections (HSS), standard pipe and electrical conduit. Its companies have been recognized for their short production cycle times, in-house coating capabilities and proprietary products. The JMC Steel Group is headquartered in Beachwood, OH; its two largest companies, Atlas Tube and Wheatland Tube, will continue to market products under their brand names.
Frank A. Riddick III
CEO – JMC Steel Group
Frank A. Riddick, III is the chief executive officer of the newly formed JMC Steel Group. He had been serving as the CEO of John Maneely Company. Prior to that, from May 2008 to August 2009, Mr. Riddick was a consultant for TowerBrook Capital Partners LP, a New York based private equity firm. From January 2002 to April 2008, he served as president and chief executive officer of Formica Corporation.
Mr. Riddick served as president and chief operating officer of Armstrong World Industries, Inc. from February 2000 to November 2001, where he also was chief executive officer of Triangle Pacific Corp., a wholly owned subsidiary of Armstrong. From March 1995 to February 2000, he was chief financial officer of Armstrong.
Mr. Riddick had previously served as controller of Chicago-based FMC Corporation. He joined FMC as treasurer in 1990.
Before joining FMC, Mr. Riddick was with Merrill Lynch & Co. in New York, where he held successive management positions in investment banking and treasury operations since 1987. His most recent position prior to joining FMC was as vice president of mergers and acquisitions.
After receiving his bachelor’s degree in mathematics and economics at Vanderbilt in 1978 and his Master of Business Administration degree from Duke University’s Fuqua School of Business in 1980, Mr. Riddick joined General Motors Corporation, where he held several positions, including director of new business development and investor relations. His last position with General Motors was as regional treasurer-Europe.
Mr. Riddick is a former member of the board of GrafTech International (NYSE: GTI). He is a member of the board of JMC Steel Group, a member of the board and chairman of the audit committee of World Wrestling Entertainment, Inc., and a member of the board and chairman of the audit committee of Geeknet Inc. He also serves on the board of visitors of the Fuqua School of Business at Duke University.
Frank and his wife Carol are the parents of three sons and live in Dallas, Texas.
David W. Seeger
President – JMC Steel Group
David W. Seeger serves as president of the newly formed JMC Steel Group. In his capacity as president, he oversees both the Wheatland Tube and Atlas Tube divisions.
Mr. Seeger had been serving as president of Atlas Tube, a position he had held since his appointment in August 2007, when Atlas was acquired by the Carlyle Group, a private global investment firm.
Mr. Seeger began his career in 1979 in the marketing and sales group of UNR – Leavitt Company. In 1993, he was named vice-president of Sales and Marketing with Welded Tube Company of America and was later promoted to the position of vice president and general manager of Welded Tube, overseeing the sales, marketing and manufacturing operations of the company.
In 1999, when LTV Steel Corporation purchased Welded Tube Company of America and merged it into their Copperweld Tubular Products Group, Mr. Seeger was named vice president of operations for the North American Structural Group of Copperweld.
Copperweld was subsequently sold to Atlas Tube Company in 2005, and Mr. Seeger assumed the position of vice president and general manager of Atlas. When the Carlyle Group acquired Atlas Tube in 2007, Mr. Seeger became responsible for both the U.S. and Canadian operations of Atlas, and for the company’s P & L results.
Mr. Seeger holds a BA Degree from Michigan State University and an MBA Degree from Loyola University of Chicago.
SOURCE JMC Steel Group