HOUSTON — Houston Wire & Cable Company recently announced that it has entered into a definitive asset purchase agreement for the sale of its Southern Wire business, a leading wholesale distributor of wire rope and rigging products, for a purchase price of $20 million, subject to a working capital adjustment. HWCC expects to use the net sales proceeds to reduce debt.
James L. Pokluda III, HWCC President & CEO commented, “Southern Wire is a company with outstanding leadership, team members and a proven track record of providing superior products, customer service and operational excellence for 48 years. We are very thankful for their multiple contributions to HWCC and wish them much success in the future.”
The transaction is subject to customary closing conditions and is expected to close at year end.Tagged with houston wire and cable