Insteel Industries Inc. announced that its wholly owned subsidiary, Insteel Wire Products, acquired substantially all of the assets of Strand-Tech Manufacturing Inc. (STM) for $22.5 million. STM manufactures prestressed concrete (PC) strand for concrete construction applications. Under the terms of the agreement, Insteel acquired STM's accounts receivable, inventories, production equipment and facility located in Summerville, S.C. Mount Airy, N.C.-based Insteel plans to close the Summerville facility and move most of its equipment to the company's other three PC strand production facilities in Gallatin, Tenn.; Houston, Texas; and Sanderson, Fla.
Insteel manufactures steel-wire reinforcing products for concrete construction applications, including engineered structural mesh, concrete pipe reinforcement and standard welded-wire reinforcement. The company operates 11 manufacturing facilities in the U.S.