Commercial Metals (CMC) to Acquire Steel Fabrication Business of Associated Steel Workers
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Commercial Metals Company (NYSE: CMC) announced that its wholly owned subsidiary, CMC Steel Fabricators, Inc., signed a definitive asset purchase agreement to acquire the steel fabrication business of Associated Steel Workers, Limited (ASW). ASW's steel fabrication business fabricates, delivers and installs uncoated black reinforcing bar and related materials as well as sells, delivers and installs epoxy and other corrosive resistant coated reinforcing bar and related materials in the State of Hawai'i. The transaction is expected to close after a 60 day statutory notice period and is subject to customary closing conditions.
Tracy Porter, CMC's Executive Vice President-CMC Operations, commented: "The signing of the asset purchase agreement for the acquisition of ASW's steel fabrication business continues CMC's vertical integration strategy by extending our geographic reach and establishing a fabrication operation in Hawai'i. We are excited to expand our presence in the Hawaiian market and to continue ASW's long-established tradition of providing quality products and services to its customers."
Ronald Fujikawa, President and CEO of ASW stated: "From our humble beginnings in 1948, ASW has sought to be a leader in the construction industry. In deciding to sell the rebar business, we sought and, we believe we found, a good partner that would continue our legacy. Over the last 5 years, we have worked with CMC on various projects and believe CMC can continue to provide the same, if not better, service to our customers and treatment of our employees, some of whom have decades of loyal service to the company. We'd like to thank our loyal employees and customers for helping to make ASW the company it is today."
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