Alpine Group completes asset purchase from Superior TeleCom
The Alpine Group has completed the purchase from Superior TeleCom of substantially all of the assets and business comprising Superior's electrical wire business, 100 percent of the common stock of DNE Systems and a 47 percent equity interest in Superior Cables for an aggregate purchase price of approximately $85 million in cash and a warrant to Superior to purchase 19.9 percent of the common stock of the entity formed by Alpine to own and operate the electrical wire business.
The electrical wire business, which will be operated under the name Essex Electric, is one of the major US producers of low voltage electrical wire for residential, commercial and industrial markets. The company will immediately launch an investment plan to restructure, modernize and strengthen this business to achieve substantial improvements in profitability and customer service.
DNE Systems is a manufacturer of multiplexers sold to the Department of Defense and other communications and electronic products. Superior Cables is the largest Israeli-based producer of a broad range of wire and cable products including medium and high voltage power cables and communications cables for sale in Israel, Europe and North America." — (menareport.com)
© 2002 Mena Report (www.menareport.com)