Insteel industries buys assets of strand-tech manufacturing in deal for $22.5 million

Insteel industries acquires assets of strand-tech manufacturing.insteel industries inc - deal for $22.5 million.insteel industries inc - transaction was funded from cash on hand.insteel industries inc - insteel plans to close summerville facility.insteel industries inc - consolidation of facilities is expected to result in elimination of up to 42 positions at summerville facility.insteel industries inc - plans to move most of equipment to other 3 pc strand production facilities located in gallatin, houston and sanderson.insteel industries inc - summerville employees will be offered employment at insteel's other facilities.insteel industries inc - it is anticipated that operations at summerville facility will cease by end of q3 of fiscal 2020.insteel industries inc - expects to record a restructuring charge of approximately $1.8 million in connection with closure of facility.insteel industries inc - expects to recover about $8 million of initial investment in stm through sale of summerville facility.
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