Attached files
| file | filename |
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| 8-K - Houston Wire & Cable CO | v186786_8k.htm |
| EX-10.1 - Houston Wire & Cable CO | v186786_ex10-1.htm |
Houston
Wire & Cable Company Announces Agreement to Acquire Southwest Wire Rope and
Southern Wire
Houston,
TX—May 27, 2010 – 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.
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Replay
Dial In:
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888.203.1112
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International
Replay:
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719.457.0820
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Confirmation
Code:
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4808475
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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
hnovosad@houwire.com