International Wire Group exits insulated wire business, concentrates on conductors
CAMDEN, N.Y., 10 July 2006. International Wire Group Inc. has sold its insulated wire subsidiaries in the Philippines and Mexico to Draka Holding N.V. and Draka Mexico Holding, S.A. de C.V. (Draka). These transactions, together with the sale of certain U.S. insulated wire assets to Copperfield LLC in November 2005, complete IWG's exit from the insulated wire business.
"The Draka transactions, which closed on July 3, complete the process of exiting the insulated wire business worldwide," says Mark K. Holdsworth, chairman of the Board of Directors of IWG. "Net cash proceeds from the exit of the insulated wire business since November 2005 total approximately $75 million. We are quite pleased with the results of this important strategic initiative. Moreover, we were also able to complete the acquisition of IWG High Performance Conductors Inc. on March 31, and establish a strong market presence in specialty high-performance conductors for the aerospace, medical device, and sensor industries."
International Wire Group, Inc. is a manufacturer and marketer of wire products, including bare, silver-plated, nickel-plated, and tin-plated copper wire, for other wire suppliers and original equipment manufacturers or OEMs. Its products include copper wire configurations and gauges with a variety of electrical and conductive characteristics and are utilized by a wide variety of customers primarily in the aerospace, appliance, automotive, electronics, and data communications, industrial/energy, and medical device industries. The company manufactures and distributes its products at 13 facilities located in the United States, Belgium, France, and Italy.
