Tuesday, August 26, 2008

WireCo WorldGroup Expands Capacity

Company purchases multi-million dollar planetary strander

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

Wireco WorldGroup, the world's leading producer and marketer of specialty wire ropes, announced today that it will acquire a new multi-million dollar planetary strander, which is expected to greatly expand wire rope capacity by summer 2009. The new machine will produce the Union® brand of surface mining ropes and will solidify WireCo WorldGroup's place in the market as the leading supplier of large diameter surface mining ropes.

The 73 wire, 25" planetary strander, made by Cabmach, a company of Mario Frigerio Group, features all the latest in stranding technology, and is an exact duplicate of a machine that WireCo WorldGroup installed in its China facility in Spring 2008.

The addition of the new equipment will require a physical expansion of the WireCo WorldGroup manufacturing facility in Sedalia, Mo which is expected to begin later this year. The large machine and anticipated increase of output will also require additional hires at the plant.

Ira Glazer, WireCo WorldGroup CEO, explains, "We remain committed to providing the best products and service to the industry throughout the world. With plant expansions and new product innovations like our Union TufMax and PowerMax line of ropes, we continue to be the premier supplier of innovative high quality products to the mines".

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

About WireCo WorldGroup
WireCo WorldGroup's products are recognized throughout the world and used in a wide range of market applications including oil and gas exploration; surface and underground mining; construction; and specialty lifting and suspension applications. WireCo WorldGroup employs approximately 1,500 people and is headquartered in Kansas City, Missouri, with manufacturing plants, distribution facilities and research and development centers in the U.S., Canada, Mexico, Germany and China. WireCo WorldGroup markets the brands of Union®, MacWhyte®, Casar®, Camesa®, Wireline Works, and US Reel™ and is the only major wire rope manufacturer in the world to be API certified, QPL Qualified, AS9100 certified and ISO-9001:2000 registered.

Paine & Partners, LLC
Paine & Partners provides equity capital for management buyouts, going private transactions, and company expansion and growth programs. Paine & Partners engages exclusively in friendly transactions developed in cooperation with a company's management, board of directors, and shareholders. For further information visit painepartners.com.