WAUKEGAN, Ill., May 2, 2011 (GLOBE NEWSWIRE) -- Coleman Cable, Inc. (Nasdaq:CCIX) ("Coleman" or "CCI"), a leading manufacturer and innovator of electrical and electronic wire and cable products, announced today that it has completed the acquisition of the assets of First Capitol Wire & Cable ("First Capitol"), as well as the assets of Continental Wire & Cable ("Continental") for a total purchase price of $7.15 million.
First Capitol and Continental are leading manufacturers of industrial wire and cable products used across a number of commercial, utility and industrial end-markets. Both companies have a long-established history of providing customers with high-quality custom wire and cable products, including First Capitol's design and production of a broad line of high-temperature wire and cable products used in OEM applications, as well as within a number of applications for the energy, commercial and industrial end markets.
"These two acquisitions represent a great opportunity for Coleman to expand its current product offering and build on our growing reputation for producing a wide assortment of high-quality industrial cables," said Gary Yetman, president and chief executive officer of Coleman. "Further, they allow us to immediately expand our capabilities, product offerings and capacity in serving the growing needs of our industrial end-market customers which continue to be a significant component of our overall platform."
First Capitol and Continental, both based in York, Pennsylvania, were privately-held entities under common ownership prior to the acquisition of their assets by Coleman Cable. The acquisition of the assets of these two companies, whose combined sales were in excess of $10 million for 2010, were structured as all-cash transactions, both of which closed on April 29, 2011. Coleman anticipates that the assets acquired from the combined companies, primarily inventory and production machinery and equipment, will contribute approximately $0.10 to $0.15 in GAAP earnings per diluted share in 2012, while being earnings neutral or slightly accretive for the balance of 2011. Additional details can be obtained at http://investors.colemancable.com/index.cfm.
About Coleman Cable, Inc.
Coleman Cable, Inc. is a leading manufacturer and innovator of electrical and electronic wire and cable products for the security, sound, telecommunications, electrical, commercial, industrial, and automotive industries. With extensive design and production capabilities and a long-standing dedication to customer service, Coleman Cable, Inc. is the preferred choice of cable and wire users throughout North America. For more information, please visit www.colemancable.com.
The Coleman Cable, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6583
Forward Looking Statements
Various statements included in this release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact constitute forward-looking statements. These statements may be identified by the use of forward-looking terminology such as "believes," "plans," "anticipates," "expects," "estimates," "continues," "could," "may," "might," "potential," "predict," "should," or the negative thereof or other variations thereon or comparable terminology. In particular, statements about Coleman Cable's expectations, beliefs, plans, objectives, assumptions or future events, financial results or performance contained in this release are forward-looking statements. Coleman Cable has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While Coleman Cable believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed in Coleman Cable's most recent Annual Report on Form 10-K (available at www.sec.gov), may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
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