Southwire to Acquire Coleman Cable
Deal to close in Q1.
Southwire Company and Coleman Cable announced that the companies have entered into a definitive merger agreement under which Southwire will acquire Coleman.
The deal for $26.25 per share in cash values Coleman at approximately $786 million, including the assumption of $294 million in net debt. The transaction will close in the first quarter of 2014.
"The combination of Southwire and Coleman will create one of the wire and cable industry's preeminent companies with the ability to provide world-class service to its customers through a more robust and higher-quality offering of products and services, operational excellence and a stronger platform for enhanced product innovation," said Stuart Thorn, president and chief executive officer of Southwire.
"We are pleased to announce this transaction, which delivers immediate and certain cash value to our stockholders and supports a strong future for Coleman," said Gary Yetman, president and chief executive officer of Coleman. "By partnering with Southwire, Coleman will benefit from Southwire's extraordinary track record of operational success as we continue to execute on our mission of expanding product offerings and sales and exceeding the expectations of our diverse and growing customer base."
Southwire Company is one of North America's largest wire and cable producers.
Coleman Cable is a manufacturer of electrical and electronic wire and cable products for residential and commercial construction, industrial, OEM and consumer applications, with operations in the United States, Honduras and Canada.
Learn more at www.southwire.com.