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CMC to Expand Rebar Fabrication with Acquisition of RPS and Affiliates
07/16/2008 - Commercial Metals enters agreement to purchase the operating assets of Reinforcing Post-Tensioning Services, Regional Steel Corp., and RPS Cable Corp., based in Claremont, Calif.
Commercial Metals Co. has entered into a definitive agreement to purchase substantially all the operating assets of Reinforcing Post-Tensioning Services, Inc. (RPS), Regional Steel Corp., and RPS Cable Corp., based in Claremont, Calif.
RPS is a fabricator and installer of concrete reinforcing steel, post-tensioning cable and related products for commercial and public construction projects. It operates facilities in Fontana and Tracy, Calif., and Las Vegas, Nev., with annual capacity of approximately 150,000 tons. At closing, the companies will operate as part of the CMC Americas Fabrication and Distribution segment.
“This acquisition is part of our ongoing strategic expansion of CMC's downstream steel fabrication operations," said Murray McClean, President and CEO of Commercial Metals Co.
Russell Rinn, Executive Vice President of Commercial Metals Co. and President of CMC Americas, added, “The addition of the outstanding RPS/Regional Steel team to the existing CMC team in California and Nevada will further enhance our ability to provide the best solutions and best service for our customers in these important markets. We are excited to have this dynamic group become a part of our CMC family.”
Completion of the acquisition is contingent upon regulatory approval and satisfaction of other closing conditions which are expected to be finalized within 60 days.
Commercial Metals Co. and subsidiaries manufacture, recycle and market steel and metal products, related materials and services through a network including steel minimills, steel fabrication and processing plants, construction-related product warehouses, a copper tube mill, metal recycling facilities, and marketing and distribution offices in the United States and in strategic international markets.
