Nashville Wire Products Mfg. Co. said Friday it has acquired most of the assets of its leading rival, Frankfort, Ky.-based AWP Industries, bringing together the largest manufacturers of steel and wire decking for pallet rack and wire containers.
The deal, terms of which were not disclosed, was finalized on Dec. 30, Nashville Wire said in a statement announcing the transaction.
Both companies will continue to operate as separate entities during the merger process, which is now under way, Nashville Wire said.
Founded in 1934, Nashville Wire manufactures steel and wire products for the material handling, retail display, and appliance industries. Steven Rollins, Nashville Wire's president and CEO, said the AWP acquisition would strengthen the company's position in the material handling category.
"The AWP acquisition presented us with a perfect opportunity to grow the material handling segment of our business by absorbing a capable and well-respected competitor," said Rollins in the statement.
Founded in 1990 as American Wire Products, AWP changed its name in 1995 to reflect its expansion into areas beyond its core business of wire deck fabrication. The company today is a major producer of steel bulk containers and custom parts handling solutions.