Window Screen Manufacturer Acquires New York Wire for US$8.8 Million
12/10/2015 - A mesh and screen manufacturer is acquiring the U.S. assets of bankrupt New York Wire in a cash deal, the company has announced.
Alabama-based Phifer Inc. is paying US$8.8 million for the business, according to the York Daily Record newspaper. Phifer was one at least three companies that bid on the Hanover, Pa., USA-based business in a bankruptcy auction. The deal apparently does not include New York Wire’s China facility, which opened in 2012.
According to the newspaper, the China facility was beset by problems from the beginning, which contributed to a default on its obligations.
In a statement, Phifer president Brad Cork said the acquisition complements Phifer’s business.
“We are excited about the addition of New York Wire, a strong brand with dedicated employees positioned in similar markets as Phifer. We are fully committed to supporting and accelerating our growth and innovation on an international scale both organically and through acquisitions."
Guy Fritz, New York Wire president and CEO, said the management team and the company’s market strategies will remain intact. The deal is to close by 18 December 2015. New York Wire will operate as a standalone subsidiary of Phifer.
According to the newspaper, the China facility was beset by problems from the beginning, which contributed to a default on its obligations.
In a statement, Phifer president Brad Cork said the acquisition complements Phifer’s business.
“We are excited about the addition of New York Wire, a strong brand with dedicated employees positioned in similar markets as Phifer. We are fully committed to supporting and accelerating our growth and innovation on an international scale both organically and through acquisitions."
Guy Fritz, New York Wire president and CEO, said the management team and the company’s market strategies will remain intact. The deal is to close by 18 December 2015. New York Wire will operate as a standalone subsidiary of Phifer.
