This mockup of the Orion crew vehicle will be used to study Orion’s wake, a disturbance of air fl ow behind the vehicle. This test will be the fi rst conducted with the representative Orion wake that mimics the full size vehicle and complete system. Photo credit: NASA
> WIRECO WORLDGROUP: A HISTORY IN NEW FRONTIERS
With over 75 years of stable, consistent growth and a dominant position in the synthetic ropes and steel wire rope marketplace, Senior VP and Chief Administrative Offi cer David Hornaday discusses the recent acquisitions by WireCo and the strategic plan moving forward.
WireCo WorldGroup, formerly Wire Rope Corporation of America, Inc. (WRCA), was originally founded in 1931 by J.P. Barclay, Sr. as an off shoot from his company, Wire Machinery Corporation of America. From these roots, the company has evolved into a global manufacturing leader. WireCo’s proprietary technical and manufacturing expertise utilizes advanced metallurgical and material technologies to develop mission-critical products used in heavy lifting, pulling, supporting and suspension applications, where functionality and safety are the top priority. Since Paine & Partners’ acquisition of WireCo WorldGroup in 2007, the company has executed several strategic add-on acquisitions: Wireline Works Inc. (completed on February 26, 2007), a Canadian manufacturer of EM cable, Casar (completed on August 23, 2007), a European manufacturer of high performance wire rope for cranes and underground mining with a premium industry brand, US Reel (completed on November 13, 2007), a leading U.S. wooden reel supplier, Phillystran (completed on December 31, 2009), a manufacturer of custom engineered, high tenacity fi ber ropes, strands, braids and strength members, Oliveira (completed on November 16, 2010), a high performance steel wire rope and synthetic rope manufacturer targeted
at fi shing and maritime applications and Drumet (completed on July 18, 2011), a leading manufacturer of wire rope, steel wire, and steel wire band in Eastern Europe. Most recently, the acquisition of Royal Lankhorst Euronete (announced on July 13, 2012), a leading provider of synthetic ropes, industrial yarns, netting, yachting products, and recycled plastic products located in the Netherlands, cements WireCo’s position as a market leader in synthetic ropes to match their formidable position in steel wire ropes. These acquisitions have enhanced the Company’s leadership position and have served to diversify its end market exposure. In addition, its joint venture with Wuhan Iron and Steel Group provides increased manufacturing capacity in China.
David Hornaday, Senior Vice President and Chief Administrative Offi cer at WireCo WorldGroup, refl ected with the Wire Rope Exchange on the company’s growth over the past fi ve years and its vision moving forward, recalling that “our acquisition strategy has always been focused on identifying good companies that have strong management teams that will provide a good fi t with our strategic objectives as an organization. In every case, we have found excellent synergies which have strengthened our company.” Hornaday also acknowledged that the rapid growth has been challenging as well. “The key challenges are always cultural and the change management process that accompanies altering the organizational culture of the company. In addition, since most of these acquisitions have been outside the U.S., we have dealt with diff erences in business practices due to the national culture in those locales.” Moving forward, WireCo’s focus will be on “building
WIRE ROPE EXCHANGE
JULY-AUGUST 2012
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