After layoffs announcement, manufacturer WireCo eyes ‘rescue financing’

WireCo WorldGroup Inc., a Prairie Village, Kan.-based company that last week announced plans to shutter its St. Joseph facility and eliminate 49 jobs, reportedly is exploring rescue financing from Goldman Sachs.

The company, which makes steel and synthetic rope, has struggled amidst a slump in some of the industries it serves, including the energy and mining sectors.

WireCo, which has 24 facilities in eight countries and is one of the world’s largest manufacturers of the ropes it makes, wants the investment bank to explore options including the sale of a sizable equity stake.

The company’s majority owner is private equity firm Paine & Partners.

Read more: Kansas City Business Journal

Tags:, ,

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students