WAUKEGAN, Ill., April 4, 2011 (GLOBE NEWSWIRE) -- Coleman Cable, Inc. (Nasdaq:CCIX) ("Coleman" or "CCI"), a leading manufacturer and innovator of electrical and electronic wire and cable products, announced today that it has completed the acquisition of the assets of The Designers Edge, Inc., a leading designer and distributor of specialty lighting products in the U.S. and Canada, for approximately $10.9 million in cash.
The acquisition of The Designers Edge assets significantly expands CCI's current product portfolio across a wide range of lighting product categories, including industrial, work and utility, as well as products for security and landscape applications. These product offerings will complement CCI's existing portfolio of lighting and lighting-related products, including its portable lighting products, lighting-related timers and controls, and Moonrays line of garden lighting and products.
"The Designers Edge represents a great opportunity for us to immediately and meaningfully expand our presence in a number of key product categories," said Gary Yetman, president and chief executive officer of Coleman. "The Designers Edge has long been recognized for its strong assortment and product innovation, which are attributes we believe we can leverage and capitalize on when The Designers Edge portfolio and ours are combined."
The acquisition of the assets of The Designers Edge, whose annual sales were in excess of $20 million for 2010, was an all-cash transaction which closed on April 1, 2011. The Company anticipates that The Designers Edge business will contribute approximately $0.04 and $0.10 in GAAP earnings per diluted share in 2011 and 2012, respectively. Additional details can be obtained at http://investors.colemancable.com/index.cfm .
About Coleman Cable, Inc.
Coleman Cable, Inc. is a leading manufacturer and innovator of electrical and electronic wire and cable products for the security, sound, telecommunications, electrical, commercial, industrial, and automotive industries. With extensive design and production capabilities and a long-standing dedication to customer service, Coleman Cable, Inc. is the preferred choice of cable and wire users throughout the United States. For more information, please visit www.colemancable.com .
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Forward Looking Statements
Various statements included in this release, including those that express a belief, expectation or intention, as well as those that are not statements of historical fact constitute forward-looking statements. These statements may be identified by the use of forward-looking terminology such as "believes," "plans," "anticipates," "expects," "estimates," "continues," "could," "may," "might," "potential," "predict," "should," or the negative thereof or other variations thereon or comparable terminology. In particular, statements about Coleman Cable's expectations, beliefs, plans, objectives, assumptions or future events, financial results or performance contained in this release are forward-looking statements. Coleman Cable has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While Coleman Cable believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control. These and other important factors, including those discussed in Coleman Cable's most recent Annual Report on Form 10-K (available at www.sec.gov ), may cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements.
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