Weichert, Realtors-Rebhan expands into Statesville
Charlotte-based Weichert, Realtors-Rebhan & Associates has expanded into Statesville with the acquisition of a Weichert franchise at 300 E. Broad St., Suite 103.
The office is the firm's third in the Charlotte area and will be followed this fall by the opening of an office in Mooresville, said Kathleen Rebhan, broker/owner.
The Statesville franchise was started in August 2005 by Harry Tsumas and partners, and Tsumas will work “hand in hand with us,” Rebhan said.
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The Statesville office will focus on new-home construction, building and development under the Tsumas Development name. Phil Dishman remains broker in charge, and the Statesville sales staff will stay on as well.
Weichert, Realtors-Rebhan & Associates, which opened four years ago, was identified as one of the six top-producing Weichert franchises in 36 states at the end of 2007. It opened its second office, located in the Ballantyne area, in March 2007. Doug Smith
Charlotte steelmaker Nucor buys Ambassador Steel in Indiana
Charlotte steelmaker Nucor on Tuesday announced that it has acquired an Indiana steel company and plans to start production at a mill in Arizona.
Nucor's wholly owned subsidiary, Harris Steel Inc., acquired the stock of Ambassador Steel Corp., based in Auburn, Ind., for about $185 million. Founded in 1974, Ambassador is a fabricator and distributor of concrete reinforcing steel and related products. Last year, it shipped 422,000 tons of fabricated rebar and distributed 228,000 tons of reinforcing steel.
The transaction includes the shares of Ambassador's affiliate, Delta Erecting. Harris Steel also repaid the company's bank debt of about $136 million.
With the acquisition, Nucor's rebar fabrication business has more than doubled since it acquired Harris Steel in March 2007, company officials said in a statement.
Nucor also announced plans to start steel bar production at its previously idle rolling mill in Kingman, Ariz. The company expects to spend about $30 million to restart production and said operations will begin by the second quarter of 2009.
Initial output should be about 250,000 tons. The mill will be able to increase annual production to more than 500,000 tons.
Nucor acquired the mill in 2003 for about $35 million. The decision to start production is a result of the growing demand in the southwestern U.S., company officials said. Kirsten Valle