Warren Buffett’s Berkshire Hathaway is famous for buying companies, but on a occasion it sells them too.
International Wire Group has acquired Owl Wire and Cable from Berkshire’s Marmon Holdings, Inc.
Owl is a producer of high volume, heavy bare and tinned wire with operations in Canastota, Rome and Boonville, New York. Founded in 1954 as a family-owned business, Owl has been a recognized leader in copper wire for over six decades.
IWG is the market leader and the largest bare copper wire and copper wire products manufacturer in the United States with operations in Europe. With broad manufacturing and in-house engineering capabilities, IWG’s highly-skilled and experienced workforce offers fellow suppliers, distributors and OEMs the industry’s most robust and mission-critical product portfolio. It serves customers across the industrial and energy, electronics and data communications, aerospace and defense, medical products, automotive, and consumer and appliance industries.
“This new partnership is a ‘win-win’ for the loyal customers and workforces of both IWG and Owl, and for the communities we are privileged to serve,” said IWG President and CEO Greg Smith. “By integrating Owl’s manufacturing capabilities and superior customer service into our already market-leading company, we will create a unique platform to serve current and future customers. The new IWG will continue to deliver high-quality, precise wire and cable products for mission-critical applications that power our global economy. We know the Owl team well, and are thrilled to welcome them to IWG,” said Smith.
“We are thrilled to join the IWG organization. In doing so, the combination of IWG and Owl will bring an unparalleled benefit to the industry, one with the broadest and deepest capabilities to better serve our customers’ needs,” said Bob Raiti, President of Owl Wire and Cable.
© 2019 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.