NGI Steel Sells Assets
by January 30, 2006 12:00 am 82 views
Next Generation Industries Inc. of Rogers has sold the assets of its Next Generation Steel Systems division to Springfield, Mo.-based Stoam Industries for an undisclosed sum.
The sale closed Jan. 17 and included all of NGI Steel’s equipment but not the actual business name.
Next Generation — whose investors include J.B. Hunt, Ben Israel, Phil Phillips, Trey Trumbo and Tom Muccio — owns NGI Steel in addition to soy-based insulation/technology company, BioBase Systems.
We know the deal included at least three metal stud-row formers that cost about $75,000 each.
Stoam Industries, which employs about 40 people, makes panelized insulated wall and roof systems. Basically, the products replace the wood framing components of a house with steel studs, which are essentially frames. Stoam also supplies steel wall panels for commercial work.
You might have recognized the company’s work in Fayetteville on the new Noodles Italian Kitchen building or the Re/Max office near the Northwest Arkansas Mall.
Stoam plans to open a manufacturing facility in Northwest Arkansas in the near future that could eventually employ 40 people, said Curtis Skelton, a former NGI employee who will head up those operations for Stoam.