CORPORATE NEWS:
Southwire invests for future growth
Southwire has moved to further strengthen its position in the North American market with an agreement to acquire the wire and cable assets of Essex Electrical Products.
The deal's closure is contingent upon the approval from the shareholders of the vendor, the Alpine Group, but is expected to close near the end of the year. The purchase includes Essex's plant in Florence, Alabama, which manufacturers building wire used in residential, commercial and industrial construction.
"This deal is further evidence of Southwire's commitment to making investments that support our position as the leader in our core wire and cable markets," said Southwire President and Chief Executive Officer Stuart Thorn. "The acquisition of Essex Electrical Products broadens the platform from which we serve our customers."
In addition, Southwire is continuing to invest in its existing production operations – including drawing, stranding, extruding, jacketing, and armouring. Overall, during the next fifteen months, Southwire plans to invest some US$250m in new equipment and working capital related to building wire and metal clad (MC) cable.
These investments will be spread across all of Southwire's North American factories, including its new facility in Tecate, Mexico. Plans are also underway to establish a new plant in the west Georgia area by the end of 2006.
Company: |
Southwire Company |
Country: |
USA |
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+1 770 838 6600 |
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