Veritas Steel acquires Wisconsin steel plants

Veritas Steel LLC announced today it has acquired certain assets of PDM Bridge LLC, a steel fabricator with plants in Wausau and Eau Claire.

Veritas Steel is a newly formed portfolio company of Atlas Holdings, an industrial holding company headquartered in Greenwich, Conn.. Financial terms of the transaction were not disclosed. Veritas Steel LLC will be based in Chicago.

All employees of the acquired plants have been offered positions with Veritas Steel.

“We are pleased to announce the formation of Veritas Steel LLC, the purchase of certain assets of PDM Bridge and the addition to the Atlas family of three quality workforces in great communities,” Atlas Holdings Managing Partner Tim Fazio said. “Veritas will build on PDM Bridge’s historical success and reputation, while adding Atlas’ operating and financial expertise. With three strategically located plants, a highly skilled workforce, and expanded bonding capacity, Veritas will have the capability to more competitively bid on the most complex projects. We have established Veritas with a rock-solid balance sheet and we intend to invest in high return capital projects that will result in greater efficiency.”

“Veritas’ commitment towards its great workforce is a win-win for both the steelworkers and for the future of the steel fabrication industry,” said Michael Bolton, director of United Steel Workers District 2. “As America digs its way out of a recession, the road toward economic recovery starts with investing in domestic manufacturing jobs. We applaud Veritas’ work towards that objective.”

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