St. George Steel Fabrication Inc., a wholly owned subsidiary of North Dakota-based Varistar Corp., announced Thursday it has acquired the assets and operations of Titan Steel Corp. of Salt Lake City.
The purchase price was not disclosed. In its most recent fiscal year, Titan had annual revenues of about $9 million.
Founded as Sharp Engineering Co. in 1957, Titan became a fabricator of steel products engaged in custom operations. Titan has one manufacturing facility located in Salt Lake City.
St. George President John Campos said the acquisition boosts Titan's capacity by about 60 percent and "also offers better coverage for our northern job sites and brings experience in new product lines."
Twelve-year-old Varistar owns 15 companies with more than 1,900 employees. It has interests in telecommunications, construction, manufacturing, plastics, entertainment, health services and transportation. Varistar is a wholly owned subsidiary of Otter Tail Corp., based in Fergus Falls, Minn., and Fargo, N.D.