Harris Steel to acquire Franklin Reinforcing Steel

Harris Steel to acquire Franklin Reinforcing Steel

Harris Steel Group Inc. announced that Harris Steel Inc. has signed an agreement through its recently attained subsidiary, Harris Rebar Fresno Inc., that outlines the purchase of the Fresno, California-based assets and business of Franklin Reinforcing Steel Co., Inc. The total value of this acquisition, based on all working capital items at closing, has yet to be determined; however, estimates are close to $6 million. The acquisition is expected to close within 30 days, at which time Harris will obtain the business, working capital items, fixed assets and employees of Franklin’s Fresno outfit. The completion of this acquisition will provide a much-coveted second operative center in California. Franklin employees are assured continued employment under the existing Fresno-based management. Harris Steel Inc. is in a 50/50 partnership with the esteemed Nucor Corporation.