The proceeds were applied to reduce the Company's indebtedness.
Completion is anticipated to occur in the third quarter.
The Company offers competitive strengths in such areas as breadth of product line, brand recognition, distribution and logistics, sales and service and operating efficiency. Communications wire and cable products transmit low-voltage signals for voice, data, video and control applications. Electrical wire and cable products conduct electrical current for industrial, commercial and residential power and control applications. Statements in this press release, other than historical facts, are forward-looking statements including without limitation, statements regarding future financial results and performance, plans and objectives, capital expenditures and the Company's or management's beliefs, expectations or opinions. Actual results may differ from those statements as a result of factors, risks and uncertainties over which the Company has no control.