CARROLLTON, Ga., Sept. 5 /PRNewswire/ -- Southwire Company announced today
it has signed an agreement to acquire General Cable Corporation's building
wire assets, a move that would make Southwire North America's largest producer
of building wire and strengthen its ability to serve customers in the
Under the agreement, Southwire will acquire manufacturing facilities in
Kingman, Ariz. and Watkinsville, Ga., both of which produce a variety of
building wire products used in residential, commercial and industrial
construction. Southwire also will acquire manufacturing assets from General
Cable's building wire plant in Plano, Texas. The agreement is contingent upon
applicable regulatory approval.
"Southwire believes in the future of its core wire and cable markets and
continues to invest whatever is necessary to lead these markets," said
Southwire President Stuart Thorn.
Being a family-owned business provides Southwire with a long-term vision,
enabling it to see past cyclical peaks and valleys, according to Thorn. That
allows the company to take advantage of today's economic downturn by
acquiring, for an attractive price, improved geographical coverage and
operating economies of scale.
"Most importantly, we are excited that this acquisition will help us grow
yet closer to our customers," Thorn said. "By adding new employees with
enormous industry experience to our already great team, we will gain even more
of what it takes to help our customers succeed. In turn, our own company will
grow even stronger and more secure."
Expected to close later this year, the acquisition will significantly
increase the size of Southwire's building wire business. In addition, it will
expand Southwire's presence in the western United States, allowing the company
to better serve its regional and national customers.
"Over the past 50 years, Southwire has established itself as a strong
leader in the industry through providing quality products and services that
meet or exceed the expectations of our customers," said Jack Carlson,
president of Southwire's Electrical Division. "With this expansion of our
building wire business, we can better serve our customers and the growing
demands of the market while, in turn, reinforcing our leadership position in
As part of the transaction, General Cable will acquire assets of Cyber
Technologies, Southwire's data communications cable business in Peachtree
"This unique deal allows General Cable to increase its presence in the
data cable market, while providing Southwire with a much-stronger platform
from which to serve the wire and cable industry," said Lee Richards,
Southwire's president of business development. "It is really a matter of us
each focusing on what we do best -- serving our core markets and customers."
When it sold NSA, a primary aluminum smelter in Hawesville, Ky., earlier
this year, Southwire pledged to invest in growth that would expand the
company's presence as a leader in the wire and cable industry, Richards said.
"With today's announcement, we are keeping that pledge," he said. "We
will continue to do so by exploring other growth opportunities in our core
leadership areas: electrical wiring for industrial, commercial, and home use;
energy cable for utilities; and aluminum and copper rod for internal
consumption, plus a variety of important OEM markets."
Southwire is one of the world's leading wire and cable manufacturers and
has been a technology leader in the industry for more than 50 years.
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SOURCE Southwire Company