Insteel Industries, Inc. today announced that its wholly owned subsidiary, Insteel Wire Products Company, has acquired certain assets of Ortiz Engineered Products, Inc. (OEP). The terms of the transaction were not disclosed.
OEP provides value-engineered reinforcing solutions for the concrete construction industry, converting projects that are designed with conventional rebar to welded wire reinforcement. According to a press release, the substitution of welded wire reinforcement for rebar can significantly reduce the total installed cost of a project and shorten the construction timeline for many applications. Insteel currently manufactures welded wire reinforcement at six facilities located in Arizona, Florida, Missouri, North Carolina, Pennsylvania and Texas.
"We believe the addition of OEP's capabilities will accelerate our ongoing efforts to penetrate the rebar market with engineered structural mesh and leverage the recent investments we have made in our manufacturing facilities," commented H.O. Woltz III, Insteel's president and chief executive officer.