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The New York Stock Exchange, a wholly-owned subsidiary of Intercontinental Exchange, Inc. (NYSE: ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced that Insteel Industries, Inc. (NYSE: IIIN) has completed its listing transfer and will begin trading today as an NYSE-listed company.
The nation’s largest maker of steel-wire reinforcing products for concrete construction applications, Insteel now will be able to leverage all of the advantages of membership in the NYSE community, a group of more than 2,000 of the world’s largest, leading and most innovative companies.
The advantages of an NYSE listing include the Exchange’s unique market model combining cutting-edge technology and human judgment, an unmatched network of CEOs and business leaders among the listed community, the incomparable brand visibility that stems from an Exchange listing, and core investor-relations services.
Headquartered in Mount Airy, North Carolina, Insteel, whose legacy dates to 1953, today operates 10 modern manufacturing facilities across the United States, primarily serving manufacturers of concrete products used in nonresidential construction. The company’s listing transfer represents a return to the NYSE, where it was previously listed for 10 years through 2002.
“We are pleased to return our share listing to the New York Stock Exchange and look forward to realizing the many benefits of its unique value proposition,” said H.O. Woltz III, President and CEO of Insteel.
“Insteel’s decision to transfer its listing to the New York Stock Exchange underscores the company’s commitment to industry leadership, taking its rightful place among our extraordinary community of NYSE-listed companies similarly focused on innovation and value creation,” said John Tuttle, NYSE Group’s Vice Chairman and Chief Commercial Officer.
Nearly 300 companies have switched their listings to the NYSE since 2000, representing more than $1 trillion in current market value.
