鈥淚鈥檓 enthusiastic about the opportunity for Tensar to join with CMC for expanded reach in the civil infrastructure market,鈥� said Mike Lawrence, CEO of Tensar. 鈥淏oth companies have a rich history of innovation, service and commitment to our customers鈥� success. Together we will be well-positioned to grow into key markets, leveraging forthcoming infrastructure spending as well as growing requirements for more sustainable solutions globally. We look forward to tapping CMC鈥檚 innovative, advanced manufacturing expertise to bring powerful product and service benefits to our customers and partners. This is an exciting change for employees and customers of both companies.鈥�
CMC specialises in the manufacture of steel products, including rebar used in construction reinforcement.
鈥淭his compelling acquisition advances CMC鈥檚 strategy to expand our leadership in construction reinforcement, with value-added products that complement our existing offering,鈥� said Barbara R Smith, chairman of the board, president and chief executive officer of CMC. 鈥淭ensar will create a powerful platform for incremental growth into complementary engineered products that target CMC鈥檚 largest core market, construction, serving end-use markets and customer segments where we have strong and existing relationships.
鈥淭oday鈥檚 announcement is another exciting step in CMC鈥檚 strategic growth plan that will further enhance our organization. We look forward to welcoming Tensar鈥檚 650 worldwide employees to the CMC family.鈥�
The transaction has been approved by the boards of directors of both CMC and Tensar. Tensar said that the closing of the transaction is expected to occur in a timely manner following customary regulatory review and subject to customary closing conditions.
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