Insteel Industries Inc. (NASDAQ: IIIN) of Mount Airy, through its wholly owned subsidiary Insteel Wire Products Co., has acquired certain assets of Ortiz Engineered Products of Sugarloaf, Pennsylvania, the company announced Monday.
Ortiz services the concrete industry by replacing conventional rebar with welded wire reinforcement — a process that saves both time and costs over the course of a construction project. Its headquarters is located in central Pennsylvania about 60 miles northwest of Allentown.
Insteel manufactures welded wire reinforcements at six facilities in Arizona, Florida, Missouri, North Carolina, Pennsylvania and Texas. The company has a total of 10 facilities across the U.S.
“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,” said H.O. Woltz III, Insteel’s president and CEO.
Terms of the deal were not disclosed.