Heico plans to takeover Ivaco

Heico plans to takeover Ivaco

Canadian steel producer Ivaco has recently announced that it has made a deal with Heico, a US-based portfolio company, to turn over its facilities for $285 million. As previously reported by SteelOrbis, Ivaco filed for bankruptcy protection on September 16, 2003. The bankruptcy protection expires on August 13, 2004. However, the completion of the deal is subject to the approval of bankruptcy court. Through this takeover, Heico will expand its wire business and add steel rods to its product mix. Moreover, the company is reportedly planning to takeover Davis Wire Corp and National-Standard Co, both of which produce wire and wire-related products. It is stated that the agreed price for three businesses is $375 million.