Acquisition of a fencing tube manufacturing business in the United States

January 5, 2021

ITOCHU Corporation (headquartered in Minato-ku, Tokyo; Yoshihisa Suzuki, President & COO; hereinafter "ITOCHU") through its newly established affiliated company, US Premier Tube Mills LLC (“USPTM”), a Delaware based company, acquired all of the fencing tube manufacturing business of Midwest Tube Mills Inc.,("MTM"), Indiana based tube manufacturer.

We have been serving the fencing industry through our wholly owned subsidiary, Master-Halco Inc, a Texas based fence distributor, since 1981. Recently we have expanded our fencing business in North America through acquisitions to diversify our service. We acquired Alta Forest Products LLC, a Washington based manufacturer of wooden fence pickets, in January 2018, Jamieson Manufacturing Co., a Texas based fence manufacturer and distributor, in November 2019, and Reichert Shake & Fencing, a Washington based manufacturer of wooden fence pickets, in February 2020. The fencing tube manufacturing business of MTM bought through USPTM will be the newest addition to the group.

USPTM will continue to manufacture and sell tubes which are used for chain link fence and wooden fence post applications and serve all of its existing fence distributor customers nationwide. In addition to its existing business, USPTM will explore new business opportunites with national retailers by leveraging group companies’ relationship.

We expect US building materials industry to have steady growth based on stable population growth. We intend to look for further acquisition opportunities in building material industry, especially in the fencing industry.

Outline of USPTM

New Company Name US Premier Tube Mills LLC
Head Office 2855 Michigan Road , Madison , Indiana 47250
Year of Commencement 1993
Number of Locations 1 plant (Indiana, USA)
Number of Employees 111 (time of acquisition)

Outline of MASTER-HALCO

Company Name MASTER-HALCO, Inc.
URL https://www.masterhalco.com/
Head Office 3010 LBJ Freeway Suite 800 , Dallas , Texas 75234
Representative Scott Suh (President & CEO)
Year of Establishment 1959
Number of Locations 4 plants (United States), 2 plants (Canada)
Number of Branches 65 branches (United States) , 5 branches (Canada)
Revenue US $782 million (Last Twelve Month as of September 2020)
Number of Employees 1,149 (As of September 2020)

Outline of Alta

Company Name Alta Forest Products LLC
URL https://www.altafp.com/
Head Office 810 NW Alta Way Chehalis, WA 98532
Representative Kotaro Yamamoto (President & CEO)
Year of Establishment 2014
Number of Locations 4 Manufacturing Plants (3 in Washington and 1 in Idaho, USA)
Revenue US $248 million (Last Twelve Month as of September 2020)
Number of Employees 550 (As of September 2020)

Tube Production Mill