International Wire Group, Inc. announced today the purchase of a new plant site located in Sherrill, New York, from a subsidiary of Oneida, Ltd.
The purchase of this facility, which is approximately 80,000 square feet, for approximately $600,000, will be used to expand and move current bare wire production in the central New York region. New and existing equipment will be installed in this facility over the next 6 to 8 months. Total capital expenditures related to the facility are expected to be approximately $14 million. The City of Sherrill, New York provides favorable hydroelectric power rates which should result in lower production costs.
Rodney D. Kent, Chief Executive Officer, stated: “We are pleased to acquire this facility in central New York to enhance our production capacity with lower utility costs. This location’s proximity to our other plant sites provides greater production flexibility.”
International Wire Group, Inc. is a manufacturer and marketer of wire products, including bare, silver-plated, nickel-plated and tin-plated copper wire, for other wire suppliers and original equipment manufacturers or “OEMS”. Their products include a broad spectrum of copper wire configurations and gauges with a variety of electrical and conductive characteristics and are utilized by a wide variety of customers primarily in the aerospace, medical devises, electronics and data communications, automotive, appliance, and industrial/energy industries. The Company manufactures and distributes its products at 13 facilities located in the United States, Belgium, France and Italy.
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