CMC takes over LAI against $47 million
According to market reports, Commercial Metals Company (CMC); Irving, Texas based producer and recycler of steel and metal products and related materials, declared that they took over Lofland Acquisition, Inc. (LAI) based in Dallas, Texas against $47 million paid in cash and undertaking only trade payables of LAI in terms of debts. CMC stated that they generated this take over in order to complement its facilities in Texas with LAI's steel rebar and structural products facilities in four states throughout US, including Texas, and as a result to expand CMC's service areas. Furthermore, the acquisition is expected to raise CMC's earnings in the first year.