In a letter to customers and vendors, Foundation Steel and Wire CEO Susan Crouse and Chairman William H. Crouse Jr. announced the imminent closing of Houston, Texas-based Foundation Steel and Wire. No acquisition or bankruptcy is involved in the closing, which will occur once the company sells out of its inventory.
In the letter, the executives explained that the company has suffered financial losses in the last two years, and instead of investing in new equipment to reduce costs and expanding their product line, they "don't see the light at the end of the tunnel where making these significant investments makes good business sense given today's economic conditions."
Foundation Steel and Wire opened in 1971, and produced welded wire fabric in a variety sizes, consisting of both rolls and sheets.