RapcoHorizon, an RHC Holdings company, announced that it has finalized the acquisition of all assets of Lava Cable.
A press release said that the Lava Cable brand and its products will be supported by RHC. Mark Stoddard of Lava Cable will be joining the RHC team as the Lava Cable product specialist and will support all sales efforts of the product line. “We are thrilled to bring Lava Cable, an esteemed brand in our industry, under our umbrella of product offerings,” says Darius Seabaugh, vice president of marketing for RHC Audio. “The company’s products complement our existing offerings to the MI market and we are excited for the future of Lava as an RHC brand.”
Lava Cable products are designed to improve tone, functionality and durability, while providing unique solutions that enable musicians to enjoy playing and performing music. Since its inception in 2004, the company has been developing and producing innovative cable and accessory products for the music industry.
Lava Cable production and shipment will transition to RHC’s corporate manufacturing facilities, with minimal delays. This will allow RHC to provide the full suite of Lava products with an enhanced customer service experience and future expansion opportunities for the entire Lava Cable product line.
“Becoming part of the RapcoHorizon family takes Lava to the next level,” says Stoddard. “We are very excited about joining with RapcoHorizon, and the entire RHC company. This acquisition provides incredible opportunity for us moving forward. The expanded resources RapcoHorizon will provide will help solidify our position as an industry leader.”
RHC, located in Jackson, Missouri, manufactures of audio, video, home theater, data and telecoms interfacing products used worldwide by concert touring sound companies, video and sound contractors, recording studios, system integrators, audiophiles and musicians.
Ningbo Jintian Copper (Group) Co Ltd (NJC) has signed contracts with Southwire Company LLC for two identical Southwire Continuous Rod (SCR) 7000 copper rod mills to be supplied by Primetals Technologies in 2019.
A press release said that the order from NGC will enable the company to expand into new geographic markets. The first new mill will operate in Hangzhou, Zhejiang Province, and the second mill will be installed in Guangzhou, Guangdong Province. Start-up is expected in the summer of 2019 for the first mill and early 2020 for the second. The new orders bring the total number of copper rod mills supplied by Primetals Technologies to Southwire for Ningbo to four, increasing their total annual installed capacity to nearly 1 million metric tons.
Primetals Technologies, the release said, is responsible for the engineering, manufacturing and commissioning of the rolling mill and coiler equipment for the rolling mills to produce electrolytic tough pitch (ETP) copper for the building construction wire and cable market. The contract calls for a Morgan No-Twist mill with 13 independently driven roll stands that will produce two- to four-ton coils of 8 mm, 9.5 mm, 12.7 mm, 16 mm, 18 mm and 25 mm diameter rod from 8,200-sq-mm cast bar at a production rate of 48 metric tons per hour. Each mill will have an annual capacity of approximately 315,000 metric tons.
The contract also includes for each mill a 24-inch entry shear and table, one 18-inch roughing mill stand, four 12-inch roughing mill stands, and eight 8-inch finishing mill stands, all with hydraulic roll mounting, a rod cooling and cleaning system including injectors and air wipes, rollerized turndown, two pinch rolls, coiler, designs for a conveyor with rotary turntable, and two lubrication oil systems. The arrangement will also include the latest inline recirculating coil handling system.
Founded in 1986 as a copper bar manufacturer, NGC is one of the largest copper processing manufacturers in China and is an industrial conglomerate among the top 500 companies in China. Southwire has worked together with Primetals Technologies for more than 50 years. During that time, the company has built more than 110 nonferrous mills for Southwire customers, in addition to completing more than 40 upgrades.
South Korea’s trade commission has decided to impose anti-dumping duties on steel wire from China, saying the cheap imports hurt the domestic industry.
Per published reports, the Korea Trade Commission said it will make a recommendation to the finance ministry the levying of 8.6% duties on galvanized low-carbon steel wire imported from China for the next five years. South Korea’s galvanized steel wire market was valued at about US$92.7 million as of 2016, with Chinese products accounting for 70% of the market.
“The trade commission concluded that the Chinese products imported below the fair market value have caused substantial damage to the domestic industry, especially small and medium-sized companies,” the commission said in a release. The finance ministry will confirm the duties on steel wire by July 31.
Ryerson Holding Corp. (Ryerson) announced that it has entered an agreement via a subsidiary to acquire Central Steel & Wire Company (CSW), a metal service center with six locations across the Central and Eastern U.S.
A press release said that the deal, valued at $140 million, will see CSW continue to operate under its current brand name following the closing of the transaction. CSW has some 900 employees, and annual revenues of approximately $600 million. In addition to wire, it provides bar, coil, plate, sheet and tubing.
Ryerson, a value-added processor and distributor of industrial metals, has operations in the U.S, Canada, Mexico and China, the release said. Founded in 1842, it has 3,700 employees in approximately 100 locations.
Ryerson President and CEO Eddie Lehner said that the deal serves both of the companies and their customers. “We are excited to elevate the best of Central Steel & Wire while leveraging Ryerson’s intelligently networked service centers to infuse (our collective customers) with a broader and deeper array of products with comprehensive processing capabilities.”
CSW President and CEO Steve Fuhrman said the deal bolsters both companies. “The leverage this merger creates will benefit our diverse customer base, grow our respected supplier relationships, and provide opportunity for further development of our loyal employees.”
At its website, CSW notes that the company’s customers range from Fortune 50 companies to large OEMs to small, independent fabricators, “all of whom enjoy access to a selection of prime ferrous and nonferrous metal products that is second to none.”
The company was founded in Chicago in 1907, at which time it had seven employees. Locations were added over the years, and by the end of the 1970s CSW facilities totaled 1,865,000 sq ft. In 1997, a branch facility was opened on Greensboro, North Carolina. In 2001, it opened Central Coil Processing, and by its 100th anniversary in 2009, the company had 1,100 employees in six facilities, and was listed as one of the top 20 metals distributors by sales. In 2013, it formed Central Steel Fabricators, a division of CSW, to provide value-added processing.
The Prysmian Group and General Cable Corporation announced that they have gotten approval from the Committee on Foreign Investment in the United States (CFIUS) for Prysmian to acquire the U.S.-based company.
A press release said that the CFIUS represents the last official approval needed for the $3 billion acquisition. The closing is set for June 6, subject to the satisfaction or waiver of the remaining customary conditions to closing set forth in the merger agreement between the parties.