- Mattr (TSX:MATR) to acquire U.S.-based AmerCable for US$280 million (C$390 million), expanding its presence in the North American wire and cable sector.
- The acquisition adds medium voltage cable solutions to Mattr’s portfolio, enhancing its ability to serve industries such as energy, mineral extraction, and renewable power generation.
- The acquisition is expected to be immediately accretive to Mattr’s earnings per share and supports long-term growth, with synergies from AmerCable’s workforce, product portfolio, and U.S. manufacturing platform
- Shares of Mattr are up 13.06 per cent to C$14.80 as of 12:46 p.m. ET
Mattr Corp. (TSX: MATR) reveals it has entered into anagreement to acquire AmerCable Incorporated, a U.S.-based manufacturer of highly engineered wire and cable solutions used in mission-critical applications.
In a press release, the company stated that the deal, valued at US$280 million (C$390 million), is set to significantly expand Mattr’s footprint in the growing North American wire and cable market.
“The pending acquisition of AmerCable will be a significant step forward in Mattr’s strategy to enhance our wire and cable business exposure within the large and growing U.S. market,” Mike Reeves, CEO of Mattr, said in a news release “This transaction will broaden our existing portfolio of highly engineered low voltage electrical power, control and instrumentation cable solutions, while also adding medium voltage electrical power, control and instrumentation cable solutions and enhancing our North American manufacturing capacity, allowing Mattr to better serve customers in both Canada and the U.S.”
The acquisition, is expected to close by the end of the year and is subject to customary closing conditions including U.S. anti-trust review.
Once the deal is completed, AmerCable will be integrated into Mattr’s Connection Technologies segment, positioning the company as one of the premier custom cable manufacturers in North America.
AmerCable serves a broad customer base in critical industries such as mineral extraction, renewable power generation, and energy. The acquisition is expected to add to Mattr’s manufacturing capacity in order to position the company in serving both Canadian and U.S. customers.
Mattr is a global materials technology company focused on critical infrastructure markets, including energy, transportation, and communications. Through its Composite Technologies and Connection Technologies segments, Mattr provides solutions essential for the modernization of global infrastructure.
Shares of Mattr are up 13.06 per cent to C$14.80 as of 12:46 p.m. ET.
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