Insteel agreement paves American Spring Wire exit from PC strand
- Written by Concrete News
Sources: Insteel Industries Inc., Mt. Airy, N.C.; CP staff
Insteel Industries anticipates a mid-August closing on a $36 million deal for the prestressed concrete strand business of Ohio-based American Spring Wire Corp. Subsidiary Insteel Wire Products Co. is acquiring ASW’s Newnan, Ga., production facility and equipment, plus equipment at a second PC strand plant in Houston. Insteel Wire will lease the latter facility.
In its most recent fiscal year, ending June 30, ASW reported PC strand sales of nearly $68 million from the Georgia and Texas operations. “The acquisition significantly enhances the footprint of Insteel's PC strand business in our largest and highest growth markets,” says Insteel Industries CEO H.O. Woltz III. “We also believe integration of these operations with our existing PC strand facilities in Tennessee and Florida will provide considerable synergy potential through higher productivity levels and improved operating costs.”