Liberty Steel, part of the GFG Alliance, expanded its footprint in the U.S. steel downstream products market today with the acquisition of Johnstown Wire Technologies in Johnstown, Pa. JWT is a producer of value-added carbon and alloy wire in North America.
The acquisition from private investment firm, Aterian Investment Partners, was financed by group equity along with loans from PNC Business Credit and gives Liberty capacity to manufacture a range of high-value carbon and alloy wire products for multiple end markets, including the infrastructure, automotive, utility and consumer sectors.
The 250-worker advanced manufacturing facility at Johnstown will complement Liberty’s melting and rolling operations at Georgetown, S.C., and Peoria, Ill., the company claims. Liberty also operates a scrap processing plant in Tampa, Fla., as it attempts to capture the full value chain in the U.S. steel market.
The 638,000-square-foot Johnstown site has been a steel manufacturing facility for more than 100 years. Liberty claims it is a Top 3 US producer of the types of steel that will be needed to modernize America’s aging infrastructure - CHQ, electro-galvanized, aluminized and spring wire. JWT currently holds the leading position in the electro-galvanized and aluminized sectors, Liberty executive said.
Liberty Steel intends to drive growth at JWT as the U.S. updates its infrastructure and electricity networks, thereby increasing demand for steel products such as support cables and guard rails for bridges and for electrical power lines.
“This is another very significant step towards our ambitious U.S. goals. JWT is a profitable business with a skilled workforce and tremendous pedigree in the industry, so we look forward to welcoming it into the GFG USA family and helping it build an even stronger future,” said Grant Quasha, chief investment officer for GFG in North America.