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US wire maker acquires Drumet


WireCo World Group, a US manufacturer of specialty wire, wire ropes and electromechanical cable, has agreed to buy Drumet, a Wloclawek-based maker of wires and ropes, for an undisclosed sum. The seller is Penta Investments, the Czech-Slovak private-equity group.

Penta acquired Drumet in 2009 for €30m, and turned the company round from near-bankruptcy, thanks e.g. to a push into thick ropes and the opening of new foreign offices. As a result, Drumet’s sales revenues surged to PLN 241m (approx. €61m) in 2010 from PLN 50m (€12.6m) in 2009, and in 2011 are forecast to exceed PLN 300m (€76m). Drumet is also reporting very strong profits at the EBITDA level. Apart from the domestic market, it has a strong position in German and in the Benelux countries.

Drumet is one of the biggest employers in Wloclawek (Kujawsko-Pomorskie voivodship) with a workforce of about 700.

The deal is subject to antitrust clearance.

WireCo World Group has manufacturing facilities in North America, Latin America, Europe and Asia, and employs more than 2,700 people worldwide.

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