southwest wire rope lp for sale

Southwest Wire Rope"s Engineering Services Department provides engineered lifting devices, lift plans, and engineered load testing services under the leadership of experienced Professional Engineers with extensive experience in heavy lifting.

• Tensile Strengths are determined in accordance with Cordage Institute 1500.2. Test Methods for Fiber Rope. Minimum Tensile Strength (MTS) published assumes spliced eye tenninations at each end of the rope. Weights actually calculated at linear density under state preloaded (200d’J plus 4%. Diameter and circumference size published is nominal and reflects rope size after loading (10 cycles) to 50% ofMTS. See reverse side for application and safety information .

Plasma® 12 strand is the highest strength synthetic rope available. Plasma® 12 strand is manufactured from High Modulus Polyethylene (HMPE) that has been enhanced by Cortland’s patented recrystallization process. This process is especially effective in medium to large diameter ropes where strengths are over 50% higher and creep is significantly less than that of standard Spectra® 12 strand.

Since 1966 Southwest Wire Rope has expanded to become a recognized global wire rope supplier serving diversified markets with material handling, lifting & mooring products at five full-service locations. Large, full-range inventory includes their trademark “Gold Strand” wire rope; bright, galvanized, stainless steel & vinyl coated cable; plus wire rope slings & a variety of fittings & hardware.

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Houston Wire & Cable Co. (Nasdaq: HWCC), Houston, Texas, on Wednesday announced that it has agreed to sell its Southwest Wire Rope business in an asset transaction for $5 million.

The sale of Southern Wire Rope, a Houston-based provider of lifting slings and wire rope and rigging products, excludes $2.6 million of trade accounts receivable, which HWCC will retain. HWCC said it expects to use the net sales proceeds and accounts receivable collections to further reduce revolver debt.

“Southwest Wire Rope is a company that for over 50 years has been a leading supplier of quality lifting slings, wire rope and rigging supplies to the lifting industry,” said James L. Pokluda III, HWCC president and CEO. “We wish them much success in the future. Proceeds from the sales of Southern Wire and Southwest Wire Rope allow us to reduce debt, which lessens financial risk in these uncertain times.”

Industrial distributor Houston Wire & Cable Co. (Nasdaq: HWCC) completed the sale of its Southwest Wire Rope business, which provides lifting slings, wire rope and rigging products. The deal was first announced in January.

Southwest Wire Rope was purchased for $5 million, and the deal excluded approximately $2.9 million of trade accounts receivable that HWCC retained. Net proceeds from the sale of around $3.4 million were used to further reduce HWCC"s revolver debt, the company announced March 15.

"We are pleased that we were able to complete the sale of Southwest Wire Rope and, as communicated in prior releases, applied all sale transaction proceeds towards the reduction of debt. The company has made remarkable revolver debt reduction progress over the last 12 months," said James Pokluda III, president and CEO of HWCC. "Including the $3.4 million received, and collection of the estimated $2.9 million of trade accounts receivable, we estimate proforma revolver debt to be $15.4 million, which is a reduction of $70.5 million versus the close of the first quarter 2020."

In late December, HWCC completed the sale of its Southern Wire business to Paducah, Kentucky-based Southern Rigging Cos. LLC for $20 million, in order to further reduce debt.

Rubicon also provides technology and technical services to the oil and gas sector. Rubicon has presences in North America, South America, Europe, Africa, Asia and the Middle East, according to the company"s website. The combined firm is led by Adam Anderson, CEO of Innovex.

Houston Wire & Cable Company today announced that it has entered into a definitive agreement to acquire Southwest Wire Rope LP and Southern Wire, LLC from Teleflex Incorporated .

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.”

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.

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.

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.

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.

Manufacturer of material handling, lifting and mooring products required by industries along the Gulf Coast. The company"s products include wire rope slings, nylon slings, round slings, chain, shackles, thimbles, sockets and other related products.