Insteel Industries Inc. announced Monday that the company has acquired certain assets of Ortiz Engineered Products Inc. for an undisclosed amount.
Ortiz Engineered Products provides value-engineered reinforcing solutions for the construction industry, converting projects that are designed with conventional rebar to welded wire reinforcement.
According to the press release, this substitution of welded wire reinforcement for rebar can significantly reduce the total cost of production and shorten construction timeline.
Insteel currently manufactures welded wire reinforcement at six facilities located in Arizona, Florida, Missouri, North Carolina, Pennsylvania and Texas.
“We believe the addition of OEP’s capabilities will accelerate our ongoing efforts to penetrate the rebar market with engineered structural mesh and leverage the recent investments we have made in our manufacturing facilities,” commented H.O. Woltz III, Insteel’s president and chief executive officer.
The news of the acquisition come less than a month after Insteel Industries posted its quarterly earnings when earnings per share and quarterly revenue fell below analysts’ expectations.
Insteel Industries was trading at $25.98 Monday afternoon, down 0.15 percent.