Irvine, California-based rebar fabricator and manufacturer MMFX Steel Corporation of America reached an agreement Tuesday to sell its Jacksonville, Florida fabrication plant to wholesale steel distributor SteelCON Supply Company.
MMFX said that it is selling the facility in order to focus more on its core business of selling its MMFX2 microcomposite steel rebar product (ASTM A1035/AASHTO MP 18) to fabricators, contractors and steel distributors. Michael W. Pompay, president of MMFX, said in press release that the transaction will generate investment capital to support expansion plans and "signals a renewed emphasis on sales and licensing opportunities for the steelmaker."