US investment helps save wire manufacturer
A YORKSHIRE wire manufacturer has been bought out of administration.
KTS Wire Industries will re-commence work at its facility in Morley, Leeds, following the move which has seen John Pring & Son of Cheshire, together with the InterWire Group and another unnamed US group, finance the acquisition of the business and its assets.
Grant Thornton’s corporate finance team in Leeds, together with Jonathan Asquez of law firm Gordons, advised on the deal.
The deal means that KTS, a long established manufacturer of specialty rolled, shaped and oil tempered wires can continue to be based in Yorkshire.
Around 25 jobs are thought to have been created as a result of the deal.
KPMG has been appointed administrator of the business.
Founded in 1834, John Pring & Son supplies wire and wire products to more than 30 customers worldwide.
The company was acquired in 2006 by its present owners Stephen Longbottom, a former director at Bradford City, and Phil Hobson, the former finance director of Carrington Wire.
The acquisition of the KTS business is in line with Mr Longbottom’s and Mr Hobson’s plans to establish a group of specialist wire companies.
Mr Longbottom said: “We were delighted to have the opportunity to purchase KTS, a company I have known for many years. KTS fits nicely into our strategy and has the added benefits of bringing synergies to Prings.
“It is to KTS’s credit that major US companies like the InterWire Group wanted to support this acquisition, and it augurs well for the future of KTS.”
Phil Whaley at Grant Thornton said: “The Pring’s team has a clear vision of what they are driving towards, and for the right opportunities remain open-minded to make future acquisitions.
“In the current economic climate, it is great news to see that deals are being done and investment is taking place in the region.”
Mr Asquez, a senior solicitor at Gordons, said: ”KTS is highly regarded in the wire industry and the acquisition of this business is another strategic step in the growth plans of the Prings business. It is also significant for the local economy that jobs are being created.”
Frank Cardile Sr, chairman and chief executive of the InterWire Group said: “The resurrection of KTS Wire is a much needed capacity in the global market for specialty products of various flat and profile carbon wire, as well as round wire, untempered and tempered.”
