Phifer to Acquire New York WireDecember 8th, 2015 by Editor
Phifer Incorporated has signed a definitive agreement to acquire the U.S. assets of New York Wire of Hanover, Pa., a leading supplier of woven mesh to consumer, automotive and industrial filtration markets.
The transaction is structured as a cash purchase at an undisclosed value and subject to customary closing conditions. Closing is expected to be completed by Dec. 18, 2015. New York Wire’s operations will be a wholly owned subsidiary of Phifer and will continue operations as a stand-alone business unit.
“We are excited about the addition of New York Wire, a strong brand with dedicated employees positioned in similar markets as Phifer,” Phifer President Brad Cork said. “We are fully committed to supporting and accelerating our growth and innovation on an international scale both organically and through acquisitions. We believe New York Wire is a perfect fit to meet Phifer’s objectives.”
“Our current plan is for New York Wire’s management team and market strategies to remain intact as we work with Phifer to build our businesses,” said Guy Fritz, president and CEO of New York Wire. “We look forward to sharing and leveraging both companies’ experience, expertise and, most important, keeping our commitments to customers during this transition.”