Commercial Metals Company today announced that its wholly owned subsidiary, CMC Steel Oklahoma, LLC, has acquired substantially all of the assets of AZZ's Continuous Galvanized Rebar business which, through a proprietary process, produces GalvaBar.
GalvaBar is galvanized rebar with a zinc alloy coating that provides both superior corrosion protection and exceptional post-fabrication formability. GalvaBar operates out of a dedicated facility in Tulsa, Oklahoma, and its products are sold throughout the United States and the Caribbean.
Terms of the transaction were not disclosed.
Tom Ferguson, Chief Executive Officer of AZZ, commented, "While Galvabar would normally be considered a core business for AZZ, we have determined that this technology is better suited for a company with both rebar manufacturing and distribution capabilities. We are pleased to have reached an agreement whereby CMC, a leader in the metals industry, has acquired these assets, and will seamlessly integrate Galvabar into their existing operations. This disposition generates cash and frees up capital that had been committed to building out the necessary plant capacity. These resources will be used for investments and acquisitions in the remaining Metal Coatings businesses. I am convinced that CMC will be a great partner to the Galvabar customer base, as well as a good employer for Galvabar's work force."