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."
Fort Wayne Metals, based in Fort Wayne, Indiana, has completed the company’s €10 million expansion of its facility in Ireland, an investment that could eventually create up to 80 new jobs at its plant in Castlebar.
Per IDA Ireland and online reports, the 20,000-sq-ft expansion will bolster Fort Wayne Metals’ development of revolutionary materials for medical devices. In 2002, Fort Wayne Metals first established the plant in Castlebar, where it now employs 95 people who help manufacture products for medical device companies in Ireland, Europe and Asia. The expansion represents the next stage of growth for the company with its product diversification strategy focused on the manufacture and supply of specialty alloys such as nitinol (nickel-titanium).
The official opening was lauded by dignitaries. "This major investment shows the company is committed for the long term," said Leo Eric Varadkar, the current Taoiseach (Prime Minister) of the Republic of Ireland. "Essential components for medical devices which can improve and save lives are manufactured here and sold around the world. Congratulations to the local staff and management team who will be joined by 80 new employees over the next five years. The government, through IDA Ireland, will continue to work with Fort Wayne as the company expands in the years ahead."
"This expansion is a testament to the hard work and talent of our Irish employees," said Fort Wayne Metals CEO Scott Glaze. "Their expertise and dedication have been fundamental to the growth of Fort Wayne Metals Ireland, and I have every confidence that they will be successful as they take on the challenges of manufacturing precision nitinol wire for our customers around the world."
Fort Wayne Metals is a privately held company with 12 manufacturing plants. Fort Wayne Metals Ireland is the corporation’s only manufacturing facility outside the U.S.
Leggett & Platt has served notice to state officials in Florida that it plans to close its steel wire plant in Jacksonville, which will result in the loss of 101 jobs.
A report in the Jax Daily Record said that the 150,000-sq-ft plant is owned by Adcom Wire Co., an affiliate of Leggett & Platt. The plant was built in 1980 and expanded in 1999. The layoffs, will be closed by the end of the year. The staff there includes 82 production and support employees, 14 managers and five administrative and clerical workers. Some employees will remain into the first quarter of 2020 to help with the closing.