Insteel (IIIN) Industries announced earlier, that its wholly-owned subsidiary, Insteel Wire Products Company has acquired Engineered Wire Products or EWP for $70M in an asset transaction, subject to certain adjustments. The transaction was funded from cash on hand. EWP is a leading manufacturer of welded wire reinforcement products for use in nonresidential and residential construction. For the twelve months ended September 30 , EWP’s sales were $93.3M. “We are pleased to complete the acquisition of EWP. This move will expand our geographic footprint and bolster our competitive position in the Midwest market,” stated H.O. Woltz III, President and CEO of Insteel. “The acquisition of EWP will enhance our customer service capabilities and drive down operating costs through operational synergies.”
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