St. Joseph, Missouri-based Wire Rope Corp. of America announced Thursday that it has entered into a definitive agreement to acquire CASAR Drahtseilwerk Sarr GmbH of Kirkel, Germany.
Subject to normal closing conditions, the transaction is expected to close in approximately 20 business days. Other terms of the deal were not disclosed.
CASAR, a wire rope manufacturer, makes high performance wire rope for crane and underground mining applications. Wire Rope Corp. of America plans to use CASAR as the base for all future European operations.
In the past, Wire Rope Corp. of America bought steel manufactures in Mexico and Canada and last year the company formed a joint venture with a Chinese company to build a plant in China. CASAR will help Wire Rope to continue to expand its global reach.