December 20, 2006
Harris Steel buys wire, mesh manufacturer
TORONTO
Harris Steel Group Inc. has agreed to buy the wire and wire mesh manufacturing business and assets of privately held LEC Steel Inc. for $16.5 million.
Brantford, Ont.-based LEC produces wire, mesh and construction accessory products. About $4.2 million of the purchase price will be allocated to intangible assets, including goodwill.
“We have known, respected and competed with LEC for the last 16 years,” Harris president Paul Kelly said in a release. “Their positioning in construction wire and mesh markets complements our strength.”
Harris makes and places concrete reinforcing steel, designs and installs concrete post-tensioning systems and makes wire and wire products.
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