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Essex to Acquire Triangle Wire and Cable.

FORT WAYNE, Ind.--(BUSINESS WIRE)--Sept. 17, 1996--Essex Group, Inc. and Triangle Wire and Cable, Inc. of Lincoln, R.I., announced the signing of an agreement for the acquisition by Essex of substantially all the United States' and Canadian assets of Triangle related to the sales, marketing, manufacturing and distribution of electrical wire and cable. Triangle manufacturing facilities to be acquired by Essex are located in Florence, Ala.; Phoenix, Ariz.; Sikestonk, Mo.; and Pawtucket, R.I. The acquisition is subject to various closing conditions. Closing of the sale is expected to be completed by the end of October. Terms of the sale were not disclosed.

Customers of both Essex and Triangle are among those who will benefit from the acquisition, according to Steven R. Abbott, president and CEO of Essex Group, Inc. "The current Triangle agent, marketing and sales team will continue to serve all Triangle and Royal customers," said Abbott. "Those trade names and the products they represent have served customers well, and it is our intention to expand that effort. Furthermore, the melding of Essex and Triangle is expected to provide opportunities for our employees and suppliers. The long tradition of service, product innovation and attention to industry requirements will be maintained as we go forward."

"This sale is a very positive step for our employees, agents, customers, shareholders and the whole wire and cable industry," said Steven L. Gerard, chairman and CEO of Triangle. "Essex is an industry leader whose commitment to product quality, innovation and customer service is consistent with the history and operating philosophy of Triangle."

Triangle is recognized in the industry for its long history of excellence in the development, manufacturing, marketing and sales of a broad range of building and industrial wire and cable. The company observes its 80th anniversary in 1996 and traces its origins to the formation of Triangle PWC in 1916. The original company specialized in manufacturing armored cable and flexible conduit, and grew steadily through acquisitions of additional wire manufacturing companies over the next 50 years.

Essex was founded in Detroit in 1930 as a supplier of electrical wire assemblies to the Ford Motor Co. The company expanded into the building wire, magnet wire, controls and other markets during the next three decades. Essex was publicly held from 1965 until merging with United Aircraft Corp. (now United Technologies Corp.) in 1974. The company was taken private once again in 1988 and is now wholly owned by BCP/Essex Holdings Inc. BCP/Essex Holdings is owned by Bessemer Holdings, L.P. and its affiliates, management, affiliates of Goldman Sachs & Co., affiliates of Donaldson, Lufkin and Jenrette Corp., Chase Capital Partners and other investors.

Essex Group, Inc. is one of the world's largest producers of electrical wire and cable products, and is included in the Fortune 1000 list of industrial and service companies and the Forbes 500 list of privately held companies. The company's business operations, supported by 24 manufacturing facilities in 12 states, produce a broad product line that includes magnet wire, building wire, automotive wire, appliance wire, industrial wire, electronic wire, specialty wiring assemblies, communications wire and electrical insulation materials.

CONTACT: Essex Group, Inc.

Tom Castaldi, 219/461-4381
COPYRIGHT 1996 Business Wire
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Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Sep 17, 1996
Words:529
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