Tuesday, January 05, 2010

WireCo WorldGroup acquires Phillystran, Inc.

David Hornaday
Senior Vice President - Corporate Administration
WireCo WorldGroup
816-270-4710

Kansas City, MO – January 5, 2010 – WireCo WorldGroup (WireCo), the world’s leading producer and marketer of wire rope and electromechanical cable, announced today that it has completed the acquisition of Phillystran, Inc., based in Montgomeryville, PA. 

 

Phillystran, Inc. is a leading manufacturer of high tenacity fiber ropes, strands, braids and strength members from fibers such as Kevlar®, Twaron®, Technora®, Vectran®, Spectra®, Dyneema® and Zylon®  for specialized applications including mooring lines, life lines, winch lines, boat rigging, structural and support lines, power cables and broadcast tower guy cables.  Phillystran also manufactures polyester ropes for specialized applications. 

 

Ira Glazer, WireCo CEO, said, “Phillystran has an excellent reputation in the field of high tech synthetic ropes and serves as our entrée into this important market.  The synergy of their technical expertise and our market reach provides us a great opportunity in this important market to offer the best solutions for our customers worldwide.”

 

Phillystran has more than 35 years of experience in manufacturing of specialty ropes and strength members, and its top priorities are product quality and the satisfaction of long-standing customers.  Phillystran operates with locations in the United States and the Netherlands.

 

“Our entire team will remain intact assuring our customers continuity of service and product quality,” stated W. Wynne Wister, former owner of Phillystran and now a Senior Vice President of WireCo WorldGroup.  “We expect to grow our business substantially and, through this transaction, now have the capacity to support that growth.”

 

Current plans include investments in existing operating facilities and equipment as well as continued emphasis on research and development programs.

WireCo WorldGroup is owned by investment funds managed by Paine & Partners, LLC, the San Francisco, Chicago and New York-based private equity firm.