Houston Wire & Cable Company Announces Agreement to Acquire Southwest Wire Rope and Southern Wire
27 Maggio 2010 - 1:03PM
Marketwired
Houston Wire & Cable Company (NASDAQ: HWCC) today announced
that it has entered into a definitive agreement to acquire
Southwest Wire Rope LP and Southern Wire, LLC from Teleflex
Incorporated (NYSE: TFX).
Under the terms of the agreement, the purchase price for the
acquisition of both companies is $50 million, subject to an
adjustment based on the net working capital of the acquired
companies as of the closing date. HWCC expects to finance the
payment of the purchase price through borrowings under its existing
credit facility. The acquisition is subject to customary closing
conditions, and is anticipated to close before the end of the
second quarter of 2010.
Chuck Sorrentino, President and CEO of HWCC, commented, "We are
extremely pleased to expand our business with the addition of these
two great organizations. Both Southwest Wire Rope and Southern Wire
are well managed and have great support teams. We feel their
respective businesses are an excellent fit for our long term growth
initiatives. The combined companies will serve complimentary end
markets which require the goods and services of all three
companies. I am very excited about the opportunity that this
acquisition brings to HWCC."
Conference Call
The Company will host a conference call to discuss the
acquisition on Wednesday, June 2nd at 10:00 am CT. Hosting the call
will be Charles Sorrentino, President and Chief Executive Officer,
and Nicol Graham, Vice President and Chief Financial Officer.
The live audio web cast of the call and accompanying
presentation will be available on the Investor Relations section of
the Company's website, www.houwire.com.
Approximately two hours after the completion of the live call, a
telephone replay will be available until June 9, 2010.
Replay Dial In: 888.203.1112
International Replay: 719.457.0820
Confirmation Code: 4808475
About Houston Wire & Cable Company
With almost 35 years experience in the electrical industry, HWCC
is one of the largest distributors of specialty wire and cable and
related services in the U.S. electrical distribution market.
Headquartered in Houston, Texas, HWCC has sales and distribution
facilities in Atlanta, Baton Rouge, Charlotte, Chicago, Denver,
Houston, Los Angeles, Philadelphia, San Francisco, Seattle and
Tampa.
Standard stock items available for immediate delivery include
continuous and interlocked armor, instrumentation, medium voltage,
high temperature, portable cord, power cables and private branded
products, including LifeGuard™, a low-smoke, zero-halogen cable.
HWCC's comprehensive value-added services include same-day
shipping, knowledgeable sales staff, inventory management programs,
just-in-time delivery, logistics support, customized internet-based
ordering capabilities and 24/7/365 service.
About Southwest Wire Rope
Founded in 1966, Southwest Wire Rope offers a complete range of
custom fabricated lifting products including, wire rope slings,
nylon slings, round slings, chain, shackles, thimbles, sockets, and
other related hardware in stock at five full-service locations in
Texas, Louisiana and Missouri.
About Southern Wire
For over 30 years, Southern Wire has been a supplier of
industrial wire rope, aircraft cable and related hardware. Southern
Wire serves its customers from three full-service locations in
Mississippi, Missouri and Nevada.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the Securities Act of 1933, as amended, and the
Securities Exchange Act of 1934, as amended. Such forward-looking
statements are subject to certain risks and uncertainties, as
disclosed by HWCC from time to time in its filings with the
Securities and Exchange Commission. As a result of these factors,
HWCC's actual results may differ materially from those indicated or
implied by such forward-looking statements. Except as required by
law, HWCC disclaims any obligation to publicly update such
statements.
Risk factors that may cause actual results to differ materially
from statements made in this press release can be found in HWCC's
Annual Report on Form 10-K for the period ended December 31, 2009,
filed with the SEC on March 15, 2010. This document and other SEC
filings are available under the Investor Relations section of
HWCC's website at www.houwire.com.
CONTACT: Hope M. Novosad Manager, Investor Relations Direct:
713.609.2110 Fax: 713.609.2168 Email Contact
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