06:35 AM EDT, 10/22/2024 (MT Newswires) -- Insteel Industries ( IIIN ) said late Monday that its unit, Insteel Wire Products, has acquired Engineered Wire Products, a maker of welded wire reinforcement products for construction, for $70 million in an asset transaction.

Insteel Industries ( IIIN ) said it has funded the deal with cash on hand.

Shares of the company were down 5% in recent premarket activity on Tuesday.

Price: 25.71, Change: -1.20, Percent Change: -4.46