Southwire Announces Acquisition of Novinium, Inc.
Supporting the company’s growth strategy and strengthening its commitment to remain generationally sustainable, Southwire is pleased to announce the acquisition of Novinium Holdings, Inc. of Kent, Wash. – a cable rejuvenation solutions provider focused on electric utilities.
Novinium is the only full-service underground expert that partners with utility companies to keep their distribution system operating at peak performance, using the most capitally efficient and environmentally friendly methods available. Novinium continues to advance its cable rejuvenation technology, methods and delivery through its signature CableCure™ service.
“We are very excited about the acquisition of Novinium at Southwire. Novinium’s cable rejuvenation system which extends the life of underground cables is an amazing value proposition for our existing and prospective customers whom we aim to serve,” said Thomas Courtney, vice president of Services. “This acquisition reaffirms Southwire’s leadership in the cable industry and will be a foundational element for the further development of field services within the newly formed Southwire Service & Solutions business."
“We are excited to welcome Novinium to Southwire. The skills, tools and expertise of the Novinium team will complement Southwire's existing suite of wire and cable solutions, allowing us to support the growing need for electric system reliability and resiliency,” said Rich Stinson, Southwire's president and CEO. “Novinium's unique service offering will further expand Southwire’s role as a key resource to our utility partners and continue to bolster our growing Services business."
For more information on Novinium, Inc., visit https://www.novinium.com. For more Southwire news, visit www.southwire.com/newsroom.
About Southwire
Southwire's roots extend to 1937, when Richards, then a young 25 years old, started Richards & Associates (R&A) to erect power poles with the ultimate purpose of bringing electric light to his grandmother’s home.
Richards was a recent graduate of Georgia Tech, and while the promise of jobs paying $80 a month lured most of his classmates to New York, Richards chose to stay in Carroll County, a commitment he kept even after Southwire grew into a leading player in the wire and cable industry.
During its first two and a half years, R&A strung 3,500 miles of cable, becoming the nation’s second-largest Rural Electrification Act (REA) contractor. As World War II halted all REA construction, Richards was called up into the U.S. Army, eventually reaching the rank of captain.