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For more information, contact:
James Knott, Knott & Company, Inc., +1 508.234.4710, jknott@knottco.com
Shari Worthington, PR Counsel, +1 508.755.5242, sharilee@telesian.com
Lexington, SC (August 4, 2003) - Knott & Company, Inc., a management consulting firm specializing in the steel and metal industries, today announced the final sale of the manufacturing assets of Carolina Steel & Wire Corp. The sale will take place using a bidding process to be completed on October 9, 2003 and will be approved by order of the U.S. Bankruptcy Court, Case Number 03-06075-W.
Carolina Steel & Wire was a manufacturer of specialty wire rope and cable for aircraft, boats, automobiles, and other manufacturing equipment. A leader in manufacturing high quality stainless steel and carbon steel aircraft cable, the company sold to the military, both domestic and international; airframe manufacturers; and airlines.
Carolina Steel & Wire operated from a manufacturing facility of approximately 100,000 square feet on 19 acres of land in Lexington, South Carolina, USA. The mill processed stainless steel, brass, Monel, Inconel, high-carbon, and low-carbon wires. At its peak, the plant had sales of about US$9 million per year.
Installed assets include 51 wire drawing machines, 51 stranders/closers, 2 annealing and plating lines, and 5 spoolers/rewinders. The company also has a complete metalworking/machine shop and a wide selection of extruders, forklifts, and rolling stock and vehicles. Finished goods, work in process, and inventory are also for sale. There are liens against these assets with a balance of about US$ 24 million, but the assets will be sold free and clear of these liens pursuant to Court order.
Knott & Company has been engaged to assist Carolina Steel & Wire in conducting a bankruptcy sale of their machinery and equipment. All bids must be received by October 9, 2003. Inspections are available by appointment only. A complete equipment listing can be obtained from Knott & Company, phone +1 508.234.4710, fax: +1 419.715.6032, or e-mail jknott@knottco.com. Or download the listing at http://www.Knottco.com.
Knott & Company, Inc. is an international strategy and management consulting firm specializing in the steel and metal industries. Focused on helping corporations create and sustain competitive advantage, the company's core areas of expertise include globalization, corporate development, operational effectiveness, technology transfer, and merger and acquisition services. The company's clients include leading steel and metals manufacturers. For more information, see http://www.Knottco.com.
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For further information, contact: |
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© 2003, Knott & Company, Inc.
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, Knott & Company, Inc.
546 Hill Street, Whitinsville, MA 01588-1019, USA
Tel: 508.234.4710, Fax: 508.519.6333, Email: info@knottco.com
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