By Anthony Capkun
December 21, 2013 – Southwire Company and Coleman Cable Inc. have entered into a definitive merger agreement, under which Southwire will acquire Coleman, valued at about $786 million. The deal is expected to close in the first quarter of 2014.
“Coleman’s exceptional engineering capabilities across multiple end markets and stellar reputation among customers make it an ideal fit with Southwire,” said Stuart Thorn, president and CEO 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, Coleman president and CEO. “As one of North America’s largest producers of wire and cable, Southwire is a proven industry leader and, together, we will continue building on the solid momentum our team worked so hard to create.”
Until the merger is complete, both Southwire and Coleman will continue to operate as separate companies. Following the transaction’s closing, Coleman’s management team will join the Southwire organization.