Ira Glazer, WRCA CEO, said, “During the past three years, our company has followed a growth strategy to expand WRCA’s global manufacturing presence and further diversify our end-markets and geographic mix. The CASAR acquisition accomplishes another leg of this strategy by firmly establishing WRCA in Europe.”
WRCA plans to utilize CASAR as the base for all European operations. This includes investment in plant and equipment as well as the potential for additional jobs in Kirkel. With CASAR as the focal point, the company also plans to expand its export activities which can translate to more jobs as well.
“CASAR is one of the finest wire rope companies in the world and a leader in quality and technology,” continued Glazer. “We plan to have a seamless transition of CASAR’s customers and employees as we carry forward CASAR’s tradition of engineering excellence. Finally, I would like to thank the Verreet family for their support in completing this transaction.”
The acquisition of CASAR follows the purchases of Aceros Camesa in Mexico and Wireline Works in Canada. In 2006, WRCA also formed a joint venture with Wuhan Iron and Steel in China to build the world’s most modern wire rope manufacturing facility, which is scheduled to open in April 2008.
WRCA is owned by investment funds managed by Fox Paine Management III, LLC (Fox Paine III), the San Francisco and New York-based private equity firm. Fox Paine III had a key role in facilitating the acquisition and arranging the financing for the CASAR transaction.
Troy W. Thacker, Managing Director of Fox Paine III, said, “We are proud to continue to support WRCA in its strategy of building the premier global manufacturer of lifting and specialty wire rope and electromechanical cable. WRCA’s focus on manufacturing engineered, high value-add products is enhanced through the addition of CASAR into the portfolio.”
WRCA’s XLT-4 recent compacted strand wire rope WRCA’s XLT-4 recent compacted strand wire rope
