Press release from Business Wire
Encore Wire Purchases Additional Land
Friday, June 28, 2013
Encore Wire Purchases Additional Land16:00 EDT Friday, June 28, 2013
MCKINNEY, Texas (Business Wire) -- Encore Wire Corporation (NASDAQ Global Select: WIRE) announced today that the Company has purchased approximately 201 acres of land for $25,707,350.
Commenting on the announcement, Daniel L. Jones, President and Chief Executive Officer of Encore Wire Corporation, said, “Encore Wire has experienced steady growth throughout its history. In order to plan for our future and continue the long-term growth of the Company, we have continued to increase our product offerings to our existing customer base in the building wire category. In 2006, we opened a new armored cable plant, and in 2008, we opened a plant dedicated to the production of large tray cable. In 2010, we opened a new R&D Center and in 2012, we opened our new aluminum wire plant.
“This 200 acre plot, located across the street from our current campus, provides the ability to continue to execute our long-term strategy of organic growth here on our campus in McKinney, Texas. This land became available, and we saw an opportunity to buy this property to ensure we do not become landlocked in the future.
“Our strong balance sheet has historically enabled us to execute these projects at all points of business cycles. We have ready access to the capital required to fund this project in this industry downturn and we believe that we will be poised to take even greater advantage of future up swings in business. We will continue to manage the Company for the long term and will make capital improvements to allow for sustained growth, while ensuring our balance sheet remains strong.”
Encore Wire Corporation is a leading manufacturer of a broad range of copper electrical building wire for interior wiring in commercial and industrial buildings, homes, apartments, and manufactured housing. The Company is focused on maintaining a high level of customer service with low-cost production and the addition of new products that complement its current product line. The matters discussed in this news release, other than the historical financial information, including statements about the copper pricing environment, profitability and shareholder value, may include forward-looking statements that involve risks and uncertainties, including fluctuations in the price of copper and other raw materials, the impact of competitive pricing and other risks detailed from time to time in the Company's reports filed with the Securities and Exchange Commission. Actual results may vary materially from those anticipated.
Encore Wire Corporation
Frank J. Bilban, 972-562-9473
Vice President & CFO