Commercial Metals Company to acquire Foley Products Company from Oaktree Capital Management for $1.84bn.

Commercial Metals Company, a global manufacturer, recycler, and marketer of steel and metal products, agreed to acquire Foley Products Company, a supplier of precast concrete and pipe products to the Southeast region, with additional presence in the Central and Western US, from Oaktree Capital Management, a global asset management firm, for $1.84bn. "The acquisition of Foley presents a unique opportunity to create immediate scale for our precast platform while adding a best-in-class business with industry-leading margins to CMC's portfolio. We believe precast has significant value creation potential for CMC, and the addition of Foley will help unlock further upside from our pending acquisition of CP&P. As a result, we will be even better positioned to bring value to our customers through an expansion of CMC's commercial portfolio into mission critical precast applications across a highly complementary footprint in the Mid-Atlantic and Southeast," Peter Matt, CMC President and CEO.