Houston wire & cable company completes sale of southwest wire rope division

Houston, march 15, 2021 (globe newswire) -- houston wire & cable company (nasdaq: hwcc) today announced that it completed the sale of its southwest wire rope business, a leading provider of lifting slings and wire rope and rigging products, for a purchase price of $5 million, subject to a working capital adjustment. the sale excluded approximately $2.9 million of trade accounts receivable, which hwcc retained. hwcc used the net sales proceeds of approximately $3.4 million to further reduce revolver debt.
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