Alpharetta, Georgia--(BUSINESS WIRE)--Tensar Corporation ("Tensar"), a global leader in civil engineering geogrid engineering solutions, is a fund of Castle Harlan Inc. Castle Harlan Partners V, LP’s portfolio company, as part of CMC’s strategy to expand its leadership in the field of construction solutions, today announced that it has reached a definitive agreement for Commercial Metals Company (NYSE: CMC) ("CMC" ) Acquisition.
"I am passionate about the opportunity for Tensar and CMC to expand their influence in the civilian infrastructure market," said Mike Lawrence, Tensar's CEO. "Both companies have a rich history of innovation, service, and commitment to customer success. We will work together to take advantage of upcoming infrastructure spending and the growing global demand for more sustainable solutions to enter key markets. We We look forward to using CMC's innovation and advanced manufacturing expertise to bring strong product and service advantages to our customers and partners. This is an exciting change for the employees and customers of both companies."
CMC is a world leader in the manufacturing of steel products, including steel reinforcement used for infrastructure construction. They are innovators who adopt new manufacturing techniques and technologies to provide customers with more cost-effective, sustainable and flexible solutions.
Barbara R. Smith, Chairman, President and CEO of CMC said: "This compelling acquisition advances CMC's strategy to expand our leadership in building reinforcement and complements our existing products with value-added products. "Tensar will create a strong platform to achieve incremental growth of complementary engineering products, which target CMC's largest core markets, construction, service terminal markets and customer groups, in which we have strong existing relationships. ."
"Today's announcement is another exciting step in CMC's strategic growth plan, which will further strengthen our organization," Ms. Smith said. "We look forward to Tensar's 650 employees worldwide joining the CMC family."
The transaction has been approved by the board of directors of CMC and Tensar. It is expected that the transaction will be completed in time after the customary regulatory review and will be subject to customary closing conditions.
Morgan Stanley & Co. LLC acted as financial advisors, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal advisors to Castle Harlan and Tensar in relation to the transaction.
Tensar is a global provider of engineering and civil construction solutions, helping engineers, contractors and owners to use geogrids and geopiles for road construction, soil stabilization, soil reinforcement, ground improvement, and other on-site development challenges to achieve more cost-effective, A more reliable solution. Tensar has manufacturing plants in the United States, the United Kingdom, China and Russia, so customers can meet their needs no matter where they are.
CMC and its subsidiaries manufacture, recycle, and manufacture steel and metal products, related materials and services through a network that includes seven electric arc furnace ("EAF") small steel mills, two EAF micro steel mills, and a re-rolling mill , Steel manufacturing and processing plants, construction-related product warehouses, and metal recycling facilities in the United States and Poland.
Media contact on behalf of Tensar: Natalie Springfield (404) 317-1150 natalie@creativeinfluence.io
Tensar is a leader in civil construction geogrid engineering solutions and has been acquired by Commercial Metals Corporation (CMC) (NYSE: CMC).
Media contact on behalf of Tensar: Natalie Springfield (404) 317-1150 natalie@creativeinfluence.io