Insteel Industries Inc. announced the acquisition of Engineered Wire Products, Inc. (EWP) for $70.0 million in an asset transaction. The transaction was funded from Insteel's existing cash reserves, demonstrating the company's strong liquidity position.
EWP is a leading manufacturer of welded wire reinforcement products used in both nonresidential and residential construction. For the twelve months ended September 30, 2024, EWP generated sales of $93.3 million, indicating a significant contribution to Insteel's revenue base post-acquisition.
H.O. Woltz III, President and CEO of Insteel, stated that this acquisition will expand the company's geographic footprint and bolster its competitive position in the Midwest market. The integration is expected to enhance customer service capabilities and drive down operating costs through operational synergies.
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