IRVING, Texas, July 15 /PRNewswire-FirstCall/ -- Commercial Metals
Company (NYSE: CMC), headquartered in Irving, Texas, announced today that
it has entered into a definitive agreement to purchase substantially all
the operating assets of Reinforcing Post-Tensioning Services, Inc. (RPS),
Regional Steel Corporation, and RPS Cable Corporation based in Claremont,
California. RPS is a fabricator and installer of concrete reinforcing
steel, post-tensioning cable and related products for commercial and public
construction projects with facilities in Fontana and Tracy, California, and
Las Vegas, Nevada with annual capacity of approximately 150,000 tons.
Completion of the acquisition is contingent upon regulatory approval and
satisfaction of other closing conditions which are expected to be finalized
within 60 days. At closing, the acquired assets 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 Chief Executive Officer of Commercial Metals Company.
Russell Rinn, Executive Vice President of Commercial Metals Company 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."
Forward Looking Statements
Statements made in this press release that relate to future events,
expectations, performance or financial results of CMC are forward-looking
statements within the meanings of securities laws. CMC cautions that, by
their nature, forward-looking statements involve risk and uncertainty. In
particular there can be no assurance that the transaction disclosed in this
press release will be completed or that financial or operational results
resulting from the transaction will be advantageous to CMC. The
forward-looking statements contained in this press release speak only as of
this date, and the Company does not assume any obligation to update.
Commercial Metals Company 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.
SOURCE Commercial Metals Company
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Related links:
http://www.cmc.com
CONTACT:
Debbie Okle, Director, Public Relations of
Commercial Metals Company, +1-214-689-4354
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