Insteel Industries Acquires Assets Of Engineered Wire Products For $70M In An Asset Transaction; The Transaction Was Funded From Cash On Hand.
Portfolio Pulse from Benzinga Newsdesk
Insteel Industries Inc. has acquired Engineered Wire Products for $70 million in an asset transaction funded from cash on hand. EWP is a leading manufacturer of welded wire reinforcement products with sales of $93.3 million for the year ending September 30, 2024.
October 21, 2024 | 8:27 pm
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Insteel Industries has acquired Engineered Wire Products for $70 million, enhancing its product offerings in the construction sector. The acquisition was funded from cash on hand, indicating strong liquidity.
The acquisition of EWP by Insteel Industries is likely to positively impact IIIN's stock price in the short term due to the strategic expansion in the construction materials sector and the use of cash on hand, which shows financial strength.
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