Johnstown Wire Technologies, the largest producer of value-added carbon and alloy wire in North America, has been acquired by Liberty Steel. The transaction expands Liberty’s footprint in the U.S. steel downstream products market.
The acquisition from private investment firm, Aterian Investment Partners, was financed by group equity along with loans from PNC Business Credit.
The 250-worker advanced manufacturing facility at Johnstown will complement Liberty’s melting and rolling operations at Georgetown, S.C., and Peoria, Ill.
Liberty — which is owned by Sanjeev Gupta and part of the global GFG Alliance — said it intends to drive growth at JWT as the U.S. updates its infrastructure and electricity networks, thereby increasing demand for steel products. With more than half of JWT’s output sold into the transportation market, Liberty also aims to capitalize on continued growth in U.S. vehicle production.
In addition, the acquisition adds to Liberty’s capability to meet the Made in America specifications required for public infrastructure and utility contracts.
“We are excited to be joining the GFG family of global businesses and see this as a tremendous opportunity to further our position as a leading manufacturer of steel wire in North America,” JWT President and CEO Jack Miller said in a statement.
Liberty entered the U.S. market in 2017 by acquiring ArcelorMittal’s Georgetown mill and followed up with the purchase of Keystone Consolidated Industries, including its flagship Peoria mill, in 2018.