Established manufacturer of metal wire and engineered mesh will bolster Phifer's impact and deliver synergies in existing and new markets.
TUSCALOOSA, Ala., Dec. 10, 2015 /PRNewswire/ -- Phifer Incorporated has signed a definitive agreement to acquire the U.S. assets of New York Wire – Hanover, Pa., a leading supplier of woven mesh to consumer, automotive and industrial filtration markets. The APA transaction is structured as a cash purchase at an undisclosed value and subject to customary closing conditions. Closing is expected to be completed by Dec. 18, 2015. The New York Wire operations will constitute a stand-alone business unit as a wholly-owned subsidiary of Phifer Incorporated.
The acquisition combines the complementary strengths of two leading companies in the woven filter mesh and window screening industries.
Of the deal, Phifer President Brad Cork said, "We are excited about the addition of New York Wire, a strong brand with dedicated employees positioned in similar markets as Phifer. We are fully committed to supporting and accelerating our growth and innovation on an international scale both organically and through acquisitions. We believe New York Wire is a perfect fit to meet Phifer's objectives."
"Our current plan is for New York Wire's management team and market strategies to remain intact as we work with Phifer to build our businesses," said Guy Fritz, president & CEO of New York Wire. "We look forward to sharing and leveraging both companies' experience, expertise and, most important, keeping our commitments to customers during this transition."
Phifer Incorporated, founded in 1952 by J. Reese Phifer, is a family-owned, diversified manufacturer of woven wire, fiberglass and polyester mesh for insect and solar screening, sling and cushion furniture fabrics, drawn metal wire and engineered products used in a variety of industrial applications.
ABOUT NEW YORK WIRE
New York Wire was formed in 1892 when Francis J. Root merged three small wire weaving companies in York, Pa. In the early 1900's, the company engineered the first looms capable of weaving metal wire. Today, New York Wire's wire drawing and metal mesh capabilities include low carbon and stainless steel, bronze and aluminum.
SOURCE Phifer Incorporated