Ivaco Expands Further Into Value-Added Wire Products
7 February 2000
Ivaco Expands Further Into Value-Added Wire Products
MONTREAL--Feb. 7, 2000-- (TSE:IVA.A.) (TSE:IVA.B.) Ivaco Inc. is pleased to announce that the U.S. operations of its Sivaco Wire Group is undertaking a substantial expansion at the 250,000 square foot complex of its Sivaco Georgia unit located at Newnan, Georgia. The expansion will consist of the following:| - | Doubling present cold heading quality wire capacity to approximately 45,000 tons per annum at Newnan, Georgia, |
| - | Sivaco Georgia will also re-enter the ranks of prestressed concrete strand (P.C. strand) producers with the installation of the latest in P.C. stranding and stress relieving equipment. P.C. strand capacity will be in the area of 30,000 tons per annum. P.C. strand is a concrete reinforcing product that is used in the construction of bridges, overpasses, buildings and other concrete structures. |
Paul Ivanier, President and Chief Executive Officer said that since the infrastructure at Newnan is already in place, this expansion is being undertaken without having to incur significant capital spending other than the cost and installation of the new equipment. The orders for the equipment have been awarded and the equipment is expected to be operational during the fourth quarter of this year.
Ivaco is a Canadian corporation and is a leading North American producer of steel, fabricated steel products and precision machined components. Ivaco's modern steel operations include Canada's largest rod mill which has a rated production capacity of 900,000 tons of wire rods per annum. In addition, its fabricated steel products operations in Canada and the United States now have a production capacity in the area of 350,000 tons per annum of wire products and over 200,000 tons per annum of fastener products.
Shares of Ivaco are traded on The Toronto Stock Exchange (IVA).