Houston wire & cable company completes sale of southern wire division and achieves debt reduction goal

Houston, jan. 06, 2021 (globe newswire) -- houston wire & cable company (nasdaq: hwcc) today announced that it completed the sale of its southern wire business, a leading wholesale distributor of wire rope and rigging products, to southern rigging companies. the sale closed on december 31, 2020 for a purchase price of $20 million, subject to a working capital adjustment. hwcc used the net proceeds of approximately $18.1 million to reduce debt.
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