Cortland Cable Co. plans to close operations at its River Street plant in Cortland, New York.
Per a report in the Cortland Standard, a representative for the parent company, Actuant Corp., confirmed the closure. One cause, it said, was a decline in the oil and gas industry, which is a primary customer for the company’s cables. It also reported that production of ropes at the Cortland plant is moving to other company facilities in Texas and Washington. Another factor was that new technologies—such as new battery, communication and autonomous solutions—have led to remaining cable customers moving to different solutions.
Martin Kenner, president of Commission Brokers, Inc., reports that he has been engaged by Corltand Cable to liquidate manufacturing assets not being transferred from that facility. Kenner can be contacted at tel. 401-943-3777, This email address is being protected from spambots. You need JavaScript enabled to view it..
Industry News
Komax reports that it has acquired Exmore, a Belgium specialist in equipment used for making sensor cables.
A press release said that Exmore, which was founded in 1993, has focused on equipment for processing sensor cables, which makes it a valuable addition for Komax. It offers equipment for cutting, stripping, crimping, marking, welding and testing cables as well as related electronics. “With the advent of autonomous vehicles, the number of sensor cables will continue to increase, thus driving the demand for solutions for automated processing.”
Exmore, based in Beerse, has approximately 60 employees. Its customers are active in a range of market segments including automotive industry, consumer electronics, industrial, aerospace and medical technology.
Komax, based in Switzerland, has production facilities in Europe, North and South America, Asia and Africa where it manufactures “series and customer-specific machinery, catering for every degree of automation and customization. It provides local sales and service support in more than 60 countries through subsidiaries and independent representatives.” The company has more than 40 companies that collectively employ more than 2,200 people.
Whitmor/Wirenetics, a custom cable manufacturer based in California, has been acquired by BJG Electronics Group, Inc. (BJG).
In a brief announcement at the Whitmor/Wirenetics website, it states the following. “Long Island, New York based-electronics distributor and Rockwood portfolio company BJG Electronics, Inc. (BJG), along with its affiliates, announced today the acquisition of Whitmor/Wirenetics. Headquartered in Valencia, California, Whitmor/Wirenetics has been a leading provider of high-performance wire, cable and tubing to the military, aerospace and satellite industries for more than 50 years.”
Connector Tech LLC was described in a later announcement as “a Montana-based value-added distributor of high-reliability electronic interconnect products.”
“The combined BJG Electronics Group line card now offers a true ‘one-stop’ solution for OEMs, harness houses and box builders in the military, aerospace and related harsh environment markets,” said a statement from BJG Electronics Group President Rick Flora. The People section on p. 26 has more details on personnel.
Corning Optical Communications (Corning) plans to build a new facility for producing fiber optic cable in Poland.
Per a report in Puls Biznesu, the new plant will be located in the town of Mszczonow, in the county of Zyrardow in the Mazowieckie region. The investment will amount to approximately US$93 million, and Corning expects to employ at least 240 people there, “including 85 with higher education.”
Corning, which owns more than a hundred plants and branches worldwide, established its first Polish plant in 2001 in Łódź. Production began in 2002, and in 2007 the plant was relocated to Stryków, where it opened an R&D department. Today, it has almost 3,000 employees in Poland. In 2017, Corning had more than 2,000 employees in Poland, and the next year it opened a second telecom equipment plant in Stryków. Corning now accounts for more than 82,200 sq m in two warehousing and production buildings.
The International Wire Group (IWG) announced that it has acquired Owl Wire and Cable (Owl Wire), a manufacturer of bare and tinned wire with three plants, from Marmon Holdings, Inc.
A press release said that the acquisition of Owl Wire, a family company founded in 1954, includes its three New York plants in Canastota, Rome and Boonville. It said that the deal will benefit both companies, expanding IWG’s global manufacturing footprint while enabling Owl Wire to add to its existing copper capabilities as a high volume, heavy bare and tinned wire supplier.
“This new partnership is a ‘win-win’ for the loyal customers and workforces of both IWG and Owl, and for the communities we are privileged to serve,” said IWG President and CEO Greg Smith. “By integrating Owl’s manufacturing capabilities and superior customer service into our already market-leading company, we will create a unique platform to serve current and future customers. The new IWG will continue to deliver high-quality, precise wire and cable products for mission-critical applications that power our global economy. We know the Owl team well, and are thrilled to welcome them to IWG.”
“We are thrilled to join the IWG organization. In doing so, the combination of IWG and Owl will bring an unparalleled benefit to the industry, one with the broadest and deepest capabilities to better serve our customers’ needs,” said Bob Raiti, president of Owl Wire and Cable.
IWG, which was acquired in 2019 by Atlas Holdings, notes that it is the largest bare copper wire and copper wire products manufacturer in the U.S.
Per a spokesperson, Owl Wire has about 180 employees. The company’s management team will remain in place at this time, and any operational changes made would be focused “around improving service levels to IWG’s loyal customers.”
JDR Cable Systems, Ltd., reports that it has won a contract from Equinor to supply the cables for the first floating offshore wind project to power oil and gas platforms.
A press release said that the project calls for JDR to supply 11 66kV dynamic inter-array cables (2. 5 km long each) and two static export cables (one 12. 9 km, the other 16 km), each equipped with a JDR designed breakaway system, and a range of cable accessories. The off-shore location is in the Tampen area in the North Sea, and delivery is scheduled for 2022.
The project, the release said, will be the first worldwide to power oil and gas platforms using floating offshore wind, which it described as “a far more technically challenging and less mature technology than traditional fixed-foundation offshore wind.” It said that cables pose a particular challenge due to the high dynamic stress they must withstand.
The Hywind Tampen project will consist of 11 wind turbines developed by Equinor. The 8 MW turbines will have a total capacity of 88 MW, capable of meeting about 35 per cent of the annual power demand of the five Snorre A and B, Gullfaks A, B and C oil and gas platforms. The floating wind project is in water depths of 300 meters, much deeper than any previous floating wind project and is the first ever to power oil and gas platforms. The cabes that will be delivered to connect the loop to the Snorre A and Gullfaks A platforms will be especially designed to withstand higher water pressures.
JDR, part of Poland’s TFKable Group, notes in the release that it has already been active in the fledgling sub-sector of this new niche, delivering the world’s first application of dynamic 66kV technology and breakaway system to the Windfloat Atlantic floating wind farm last year. The power cores for the cables will be manufactured by JDR’s parent company TFKable at its Bydgoszcz factory in Poland. All the cables and accessories will be assembled at JDR’s U.K. facilities in Hartlepool.
The U.S. International Trade Commission (ITC), finding that imported aluminum wire and cable from China was sold below market rates and had been supported by illegal subsidies, has imposed substantial penalties.
A press release said the ruling supports the Oct. 22 findings of the U.S. Department of Commerce’s (DoC) that Chinese manufacturers had been selling these products into the U.S. market at less than fair market value and receiving illegal subsidies from the Chinese government. It issued two separate penalties that ITC has now approved.
DoC had set a dumping rate of 63.47% for mandatory respondents Shanghai Silin Special Equipment Co., Ltd. and Hebei Huatong Wires and Cables Group Co., Ltd.; a separate rate of 58.51% for certain other companies; and 63.47% for all other Chinese producers and exporters. The subsidy rate was 165.63% to mandatory respondents Shanghai Silin Special Equipment Co., Ltd. and Shanghai Yang Pu Qu Gong; 33.44% to mandatory respondent Changfeng Wire & Cable Co., Ltd.; and 33.44% for all other Chinese producers and exporters.
An official of Southwire Company, which along with Encore Wire Corporation had petitioned for the penalties, lauded the decision. “Southwire has long been a believer in the power of free trade, and the ITC’s finding, coupled with the U.S. Department of Commerce’s final determinations on dumping and illegal subsidization, will better al-
low us to compete with Chinese producers of wire and cable on a level playing field,” said Southwire Executive Vice President and CCO Norman Adkins.
With the ITC vote, Commerce was expected to issue AD/CVD orders by Dec. 9, 2019. Commerce will also instruct U.S. Customs and Border Protection to begin collecting cash deposits on such imports at rates ranging from 81.27% to 218.42%. In 2018, imports of aluminum wire and cable from China were valued at an estimated $115 million.
The Bekaert Group announced that it will phase out its U.S. steel wire operations at its Shelbyville plant in Kentucky, laying off approximately a hundred employees.
A press release said that Bekaert intends to phase out the steel wire production at the plant by January 2020. The Shelbyville plant makes steel wire for various applications and markets, including the construction, consumer goods and various industrial sectors.
“External developments in demand and pricing trends have had a negative impact on the profitability and competitive position of Bekaert Shelbyville over the past years, calling for a realignment of our steel wire solutions activities in the country,” the release said. The Dramix® production line serving concrete reinforcement markets will remain in Shelbyville until a permanent location is determined.
Some of the product lines made at Shelbyville will be moved to two other U.S. Bekaert plants—Van Buren, Arkansas, and Orrville, Ohio—while others will be stopped or sourced and distributed through alternative channels. The plan is to extend the manufacturing operations in Van Buren and Orrville with the respective technology and expertise.
“Management regrets the need to implement this measure, but sees no other option to safeguard a long-term competitive position of its steel wire activities in North America,” the release said. “The business conditions have trended lower in various sectors as a result of tighter markets and continued uncertainty. Our tire markets held up well in the first nine months of 2019 but are expected to slow down in the fourth quarter as a result of the normal seasonality and destocking actions throughout the supply chain in anticipation of a continued weak business climate. The steel wire solutions activities are projected to further contract in the last quarter, mainly because of the impact of the social protest actions in Latin America, trade tariffs, and further economic slowdown globally. We do not foresee a downturn in construction markets other than the usual seasonality impact and we expect the business environment of Bridon-Bekaert Ropes Group to remain challenging.
In this scenario of economic slowdown and year-end seasonality, Bekaert continues to implement actions to offset the external headwinds, said the release, which focused on specific elements. “These actions are focused on managing cost, pricing, mix and footprint and aim to deliver an improvement of the underlying business performance. We are also further improving our working capital level and debt position and are well on track to bring our debt leverage below 2.5 by year-end.”
Jingye Steel has entered into a deal to buy British Steel, which had previously agreed to be sold to a buyer—Oyak, a Turkish army pension fund—that later dropped its offer because the operations were not commercially viable.
Per published reports, China’s Jingye Steel, via its U.K. operations, has entered into a contract to buy British Steel. British Steel’s Official Receiver and others part of the process, confirmed that contracts have been entered into with Jingye Steel (UK) Ltd. and Jingye Steel (UK) Holding Ltd., to acquire the business and assets of British Steel Limited in liquidation, including the steelworks at Scunthorpe and U.K. mills and the subsidiary businesses of FN Steel, British Steel France and TSP Engineering.
The deal has yet to be finalized, and is conditional on items that include regulatory approvals and certain employee consultation procedures. “The parties are working together to conclude a sale as soon as reasonably practicable...and the business will continue to trade as normal, during the period between exchange and completion, whilst assisting Jingye to plan for the future.”
Per the reports, Jingye is a privately owned Chinese corporation founded and led by Li Ganpo a former senior Communist Party official who became a self-made industrial tycoon. His Jingye Group has interests in steel and manufacturing, chemicals, real estate, finance, trade, pharmaceutical, hotels and tourism. It has more than 22,000 employees.
Briish Steel, which includes wire rod in its product mix, was described as Britain’s second largest steelmaker after Tata Steel. The steelmaker was put into liquidation in May, years after being acquired by private equity firm Greybull Capital LLP for 1 pound.
The offer from Oyak has been reported as having been between $73 million and $85 million. At one point, Oyak had told The Guardian that it was considering doubling the production capacity of British Steel.
U.S.-based Lee Spring reports that it has acquired Longcroft Engineering, a U.K. manufacturer of custom springs that has a plant in Todmorden, Lancashire.
A press release said that Longcroft Engineering "has been a key strategic partner of Lee Spring for any years, with a complementary skill set that is a natural fit for the enhancement of our global operations."
Lee Spring CEO Steve Kemp said that "the acquisition of Longcroft Engineering expands our capabilities to support continued growth within the U.K. and across the greater European market. They are a talented team with broad spring manufacturing experience and particular expertise in short-run prototyping of complex springs made from both wire as well as flat materials."
Longcroft Engineering, which will continue to serve customers from its facility in Todmorden, will now also have access to a wider range of capabilities through Lee Spring’s global manufacturing operations, the release said. "This acquisition enhances the offering available to Lee Spring customers worldwide with expanded manufacturing operations located in the U.K."
The Prysmian Group announced that it has received a binding offer from Carlisle Companies Incorporated for the acquisition of the business of Draka Fileca SAS (Fileca) in a transaction valued at €73 million.
A press release said that Fileca, which was acquired by Prysmian in 2011 as part of the Draka acquisition, is a global supplier of highly engineered cables for the aerospace and space end markets. Based in France, it generates revenues of €44 million and reported adjusted EBITDA of approximately €5 million in 2018. Fileca, provided first generations of aerospace cables to the Concorde program.
The transaction is expected to be completed during the first quarter of 2020.
TPC Wire & Cable Corp. (TPC), a business of Audax Private Equity, announced that it has completed the acquisitions of Cicoil LLC and Pittsburgh Wire & Cable.
A press release said that the addition of Cicoil, which makes flat cable and flat and round cable assemblies for sectors such as medical and defense, will help TPC expand its market reach and strengthen its portfolio of specialized wire and cable solutions. "We continue to execute our strategy of combining above market organic growth with acquisitions that diversify our product and service capabilities as well as the end markets we serve," said TPC President & CEO Jeff Crane.
In a separate release, TPC reported that it had acquired Pittsburgh Wire & Cable (PWC). Founded in 1992, PWC is a stocking distributor of industrial and commercial wire, cable and accessories that was described as having "an extensive inventory, strong industry partnerships and a rigorous quality management system."
How to resolve AdBlock issue?