Get Moblico news: TXTJOIN” to 833-338-4330

Chat with us: TXT or Call 855-662-5426

Moblico Blog banner
Team Moblico

Team Moblico

Houston Wire & Cable to Sell Southwest Wire Rope Division

Share on facebook
Share on google
Share on twitter
Share on linkedin

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.”

The post Houston Wire & Cable to Sell Southwest Wire Rope Division appeared first on Modern Distribution Management.

More to explorer

Don’t Tuck Duct Issues Into the Install The owner has bought into the project, the contract has been signed, and the design has been designed. Today is ductwork

A New Twist on Geothermal Despite being around for more than 30 years, it is fair to say geothermal technology is a niche in the HVAC

Sneak Peek at 4Q Distribution Survey Results but surely, despite a rash of stops and starts over the last few months, the economic recovery is forging ahead. Amid