Omni Cable Corporation entered into a definitive asset purchase agreement to acquire Southwest Wire Rope Business of Houston Wire & Cable Company (NasdaqGS:HWCC) for $5 million on January 13, 2021. The consideration is subject to a working capital adjustment. The sale excludes approximately $2.6 million of trade accounts receivable, which HWCC will retain. HWCC expects to use the net sales proceeds and accounts receivable collections to further reduce Revolver debt. The transaction is subject to customary closing conditions and is expected to close in the first quarter. Omni Cable Corporation completed the acquisition of Southwest Wire Rope Business of Houston Wire & Cable Company (NasdaqGS:HWCC) on March 12, 2021. The sale excluded approximately $2.9 million of trade accounts receivable, which HWCC retained. HWCC used the net sales proceeds of approximately $3.4 million to further reduce revolver debt.