Wire Rope Corporation of America (WRCA) has acquired Germany-based Casar Drahtseilwerk Saar GmbH. The transaction was expected to close in late August. Casar is a leading European manufacturer of high performance wire rope for use in conjunction with overhead cranes, tower cranes, mobile cranes, offshore cranes and in underground shaft mining applications.
The Casar acquisition is part of a strategy to establish WRCA in Europe, according to Ira Glazer, CEO of WRCA. “During the past three years, our company has followed a growth strategy to expand WRCA's global manufacturing presence and further diversify our end-markets and geographic mix”.
WRCA plans to utilize Casar as the base for all European operations, including investment in the plant and equipment as well as the potential for additional jobs in Kirkel, Germany, headquarters of Casar, the company said.
This is the third acquisition by WRCA this year, following the purchase of Aceros Camesa in Mexico and Wireline Works in Canada. In 2006, WRCA also formed a joint venture with Wuhan Iron and Steel in China to build a wire rope manufacturing facility, which is scheduled to open in April 2008.