Encore Wire Purchases Additional Land
MCKINNEY, Texas -- June 28, 2013
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
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
Encore Wire Corporation
Frank J. Bilban, 972-562-9473
Vice President & CFO
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