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Article: Oneida: new deal for wire unit. (selling Camden Wire Co.)(Brief Article)
- Article from:
- HFN The Weekly Newspaper for the Home Furnishing Network
- Article date:
- January 20, 1997
CopyrightCOPYRIGHT 1997 MacFadden Communications Group LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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ONEIDA, N.Y. -- Oneida Ltd. has entered into a new agreement to sell its Camden Wire Co. subsidiary to International Wire Group Inc., a wire and harness manufacturer.
The transaction, for approximately $60 million, replaces a previous agreement to sell Camden to a subsidiary of Aarque Capital Corp. for $51 million. The terms of the Aarque agreement, reported on Nov. 26, 1996, included terms permitting the Oneida board to consider alternative offers, said William Matthews, chairman of Oneida.
R. Quintus Anderson, a member of the Oneida Ltd. board, founded Aarque.
"We were required to entertain other offers for Camden, even though we had an agreement ...