CMC Acquires Substantially all the Assets of GalvaBar

Rhea-AI Summary

On July 21, 2020, Commercial Metals Company (NYSE: CMC) announced the acquisition of AZZ's Continuous Galvanized Rebar business, including all assets related to its GalvaBar product. GalvaBar, produced in Tulsa, Oklahoma, features a zinc alloy coating that offers enhanced corrosion protection and formability. This acquisition aligns with CMC's strategy to lead in concrete reinforcement and expand its product offerings. Tracy Porter, COO, stated the acquisition would enhance customer service and leverage CMC's distribution network for broader market reach.

Positive

• Acquisition enhances CMC's product offerings in concrete reinforcement.
• GalvaBar's superior corrosion protection and formability can attract more customers.
• CMC's geographic footprint and distribution network can significantly expand GalvaBar's market reach.

Negative

• None.

IRVING, Texas, July 21, 2020 /PRNewswire/ -- Commercial Metals Company (NYSE: CMC), today announced that its wholly owned subsidiary, CMC Steel Oklahoma, LLC, has acquired substantially all of the assets of AZZ's Continuous Galvanized Rebar business which, through a proprietary process, produces GalvaBar. GalvaBar is galvanized rebar with a zinc alloy coating that provides both superior corrosion protection and exceptional post-fabrication formability. GalvaBar operates out of a dedicated facility in Tulsa, Oklahoma, and its products are sold throughout the United States and the Caribbean.

Tracy Porter, Executive Vice President and Chief Operating Officer, commented, "We are thrilled to welcome the GalvaBar team to CMC. The acquisition of GalvaBar represents our commitment to executing on our strategy of being the leader in concrete reinforcement. The addition of GalvaBar's value-added products to our offering will enable us to better serve and support our customers' needs. We also believe that CMC's broad geographic footprint and distribution network will greatly enhance the reach of the GalvaBar product line."

About Commercial Metals Company

Commercial Metals Company and its subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network of facilities that includes seven electric arc furnace ("EAF") mini mills, two EAF micro mills, two rerolling mills, steel fabrication and processing plants, construction-related product warehouses, and metal recycling facilities in the United States and Poland.

 

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SOURCE Commercial Metals Company

FAQ

What is the purpose of CMC's acquisition of GalvaBar?

The acquisition aims to enhance CMC's product offerings in concrete reinforcement and improve customer service.

When was the acquisition of GalvaBar announced by CMC?

The acquisition was announced on July 21, 2020.

How does GalvaBar benefit CMC's business?

GalvaBar's products provide superior corrosion protection and formability, which can increase customer appeal and sales.

Where is GalvaBar produced?

GalvaBar is produced at a facility located in Tulsa, Oklahoma.

What is the stock symbol for Commercial Metals Company?

The stock symbol for Commercial Metals Company is CMC.