Insteel Industries (IIIN) said late Monday that its unit, Insteel Wire Products, has acquired Engineered Wire Products, a maker of welded wire reinforcement products for construction, for $70 million in an asset transaction.
Insteel Industries said it has funded the deal with cash on hand.
Shares of the company were down 5% in recent premarket activity on Tuesday.
Price: 25.71, Change: -1.20, Percent Change: -4.46
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.