Oldcastle Inc. has sold substantially all of the assets of its Ivy (Ivy) Steel and Wire business for a total consideration of $51 million to Insteel (Insteel) Industries, Inc., one of the largest manufacturers of steel wire reinforcing products for concrete construction applications.
Headquartered in Houston, Ivy manufactures welded wire reinforcement and wire used in the concrete construction industry. Under the terms of the agreement, Insteel acquired Ivy’s production facilities located in Hazleton, Pa.; Jacksonville, Fla.; Kingman, Ariz.; and St. Joseph, Mo., in addition to select other assets. The majority of Ivy employees have been offered employment by Insteel.
Ivy merged with Merchants Metals and Meadow Burke in 1989 to form MMI Products Inc., which makes products used in public infrastructure, nonresidential and residential construction industries. Oldcastle acquired MMI Products in April 2006.
Both Merchants Metals and Meadow Burke headquarters will relocate from Houston and Tampa, respectively, to Atlanta, to join the Oldcastle Building Products group, led by CEO Keith Haas. The management teams and operations for Merchants Metals and Meadow Burke will remain in place and the headquarters transition will be transparent to their respective customers.