Coweta steel wire plant being acquired by Insteel

Insteel Industries Inc. has announced the acquisition of one of their primary competitors with facilities in Coweta County.

Insteel Wire Products Co. officials Monday said the company plans to spend $36 million to buy two plants from American Spring Wire Corp., including the local facility on Herring Road in Shenandoah Industrial Park and the second in Houston, Texas.

American Spring Wire (ASW) is North America’s largest manufacturer of valve and commercial quality spring wire. The deal is expected to close by Aug. 15.

Under the terms of the purchase agreement, Insteel will acquire, among other assets, the accounts receivable and inventories related to ASW's PC strand business, the production equipment at ASW's facility in Houston, and the production equipment and facility in Coweta.

Insteel will lease the Houston facility from ASW. The purchase price is subject to an adjustment to be determined based upon the closing working capital balance. The transaction will be funded from cash on hand and borrowings on Insteel's $100 million revolving credit facility.

Insteel's products are sold primarily to manufacturers of concrete products that are used in nonresidential construction. Headquartered in Mount Airy, North Carolina, Insteel operates nine manufacturing facilities located in the United States.

Insteel is the nation's largest manufacturer of steel wire reinforcing products for concrete construction applications. Insteel manufactures and markets PC strand and welded wire reinforcement, including engineered structural mesh ("ESM"), concrete pipe reinforcement and standard welded wire reinforcement.



More Local

Gray found guilty of rape

The verdict in is in, and Benjamin Gray was found guilty of rape. More details to come. Read More


Sexsomnia or rape? Verdict in jury’s hands

Closing arguments in the sleepwalking rape trial of Benjamin Gray concluded Friday. Coweta County Assistant District Attorney Herb Cranford ... Read More


118 Newnan High students tested for TB

More than a hundred tuberculosis exposure tests were administered at Newnan High School on Friday, as earlier in the week a NHS student was ... Read More


Senoia man arrested after fleeing from officer

A Senoia area man was arrested Tuesday and taken to the Coweta County Jail after allegedly leading a Coweta County sheriff's deputy on a hig ... Read More


UPDATE

Wreck victim in fair condition

James Hand, who was injured in a motor vehicle crash Thursday morning, was listed in fair condition Friday at Atlanta Medical Center. Hand w ... Read More

Prescribed burn smokes out Lake Redwine

A large fire that brought days of smoke and acrid smells to the Lake Redwine area was a prescribed burn that was done in accordance with cur ... Read More