Insteel Industries Inc., a prominent player in the manufacturing of steel wire reinforcement products, announced on October 21, 2024, that its subsidiary, Insteel Wire Products Company, has successfully acquired Engineered Wire Products for $70 million. This strategic acquisition, funded through the company’s cash reserves, positions Insteel to strengthen its market presence, particularly in the Midwest region, where EWP has established a solid foothold.
Engineered Wire Products specializes in manufacturing welded wire reinforcement products, which are critical components in both nonresidential and residential construction. In the twelve months leading up to September 30, 2024, EWP reported sales of $93.3 million, showcasing its significant role in the industry. H.O. Woltz III, the President and CEO of Insteel, expressed enthusiasm about the acquisition, stating, "This move will expand our geographic footprint and bolster our competitive position in the Midwest market."
The acquisition of EWP aligns perfectly with Insteel's commitment to enhancing customer service and driving down operating costs. By integrating EWP's operations, Insteel anticipates achieving operational synergies that will streamline processes and improve efficiency. This is particularly crucial as the construction industry continues to rebound, driving demand for quality reinforcement products.
Insteel Industries is the largest manufacturer of steel wire reinforcing products in the United States, primarily focusing on products for concrete construction applications. The company produces a variety of reinforcement products, including post-tensioning strands and welded wire reinforcement, which are essential in building durable structures. The acquisition of EWP is expected to enhance Insteel’s product offerings and improve its service capabilities, thereby better serving manufacturers of concrete products used in nonresidential construction.
Headquartered in Mount Airy, North Carolina, Insteel operates twelve manufacturing facilities across the country. This extensive network allows the company to efficiently meet the demands of its diverse customer base. The addition of EWP’s manufacturing capabilities will not only strengthen Insteel’s operational capacity but also expand its reach into key markets.
The construction sector is increasingly recognizing the importance of high-quality reinforcement products, and Insteel's acquisition of EWP reflects a proactive approach to meet this demand. With EWP's established reputation and market presence, Insteel is well-positioned to capitalize on growth opportunities in both residential and nonresidential construction markets.
