Commercial Metals Company (CMC) has acquired AZZ’s galvanized rebar brand, GalvaBar, through its subsidiary, CMC Steel Oklahoma.
AZZ’s GalvaBar makes a product in which steel rebar is coated with a zinc alloy to provide corrosion resistance along with improved formability into downstream products. The acquired facility supplies this coated steel rebar throughout the US and Caribbean from its Tulsa, Oklahoma plant.
Tracy Porter, CMC’s executive vice president and chief operating officer, said that the acquisition was in line with the Texas-based company’s strategy to be the market leader in concrete reinforcement. Porter said that GalvaBar’s products will enable CMC to better service its customers and extend the product’s reach across the company’s broad geographic market.
Tom Ferguson, chief executive officer, AZZ said that the company decided to sell GalvaBar to CMC since the technology used to make that product was better suited to a company that both made and distributed rebar. Moreover, Ferguson said that the sale would help AZZ generate more cash and free up the investment that was previously earmarked to improve GalvaBar’s plant capacity.