8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported):  June 12, 2012

WIRECO WORLDGROUP INC.

(Exact name of registrant as specified in its charter)

Commission File No. 333-174896

Delaware	27-0061302
(State or other jurisdiction of incorporation)	(IRS Employer Identification No.)
12200 NW Ambassador Drive, Kansas City, MO	64163
(Address of principal executive offices)	(Zip Code)
Registrant’s telephone number, including area code:  (816) 270-4700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry into a Material Definitive Agreement.

On June 12, 2012, WireCo Dutch Acquisition B.V. (the “Purchaser”) and CASAR Drahtseilwerk Saar GmbH, both affiliates of WireCo WorldGroup Inc. (the “Company”), entered into an agreement (the “Share Purchase Agreement”) with Administratiekantoor Lankhorst B.V., Gramaxo Investimentos SGPS SA and eleven Dutch individuals to acquire (the “Acquisition”) Koninklijke Lankhorst-Euronete Group B.V., the holding company of the Lankhorst group (“Lankhorst”).  Based in the Netherlands, Lankhorst is one of the world’s leading producers of synthetic and steel ropes and industrial yarns.

The Share Purchase Agreement provides for an aggregate cash purchase price of approximately €144.8 million, equivalent to approximately US$179.6 million using exchange rates in effect at May 31, 2012. The Purchaser will also assume the outstanding indebtedness of Lankhorst, which totaled approximately €33.2 million on December 31, 2011.  At signing, the Purchaser paid a €7.5 million deposit into escrow, which amount will be released to the sellers if the Acquisition does not close as a result of Purchaser’s failure to perform its obligations.

The Share Purchase Agreement contains a limited set of customary representations, warranties, and indemnities of the parties.  To secure the Purchaser’s rights, the parties agreed to an escrow of €17.8 million that is to be released in installments ending March 31, 2014.  The closing of the Acquisition is subject to the satisfaction of the receipt of unconditional merger control approvals in both Germany and Norway.  The Purchaser and its affiliates have obtained commitments to finance both the Acquisition and the repayment of certain existing indebtedness.

The Share Purchase Agreement may be terminated under certain circumstances, including the failure of the conditions to closing to be satisfied within 60 days of signing the Share Purchase Agreement.

Item 7.01 Regulation FD Disclosure.

As of June 13, 2012, representatives of the Company will begin making presentations to investors and lenders using slides containing the information furnished and attached to this Current Report on Form 8-K as Exhibit 99.1.  The Company expects to use these slides, in whole or in part, and possibly with modifications, in connection with presentations to investors and lenders during 2012.

The investor presentation slides include financial information not prepared in accordance with generally accepted accounting principles (the “Non-GAAP Financial Measure”).  A reconciliation of the Non-GAAP Financial Measure included in the slides to its comparable financial measure prepared in accordance with generally accepted accounting principles (“GAAP”), as required by Regulation G, appears on the last page of the slides.

The information contained in the slides is summary information that is intended to be considered in the context of the Company’s Securities and Exchange Commission (“SEC”) filings and other public announcements that it may make, by press release or otherwise, from time to time.  The Company undertakes no duty or obligation to publicly update or revise the information contained in this report, although it may do so from time to time as management believes is warranted.  Any such updating may be made through the filing of other reports or documents with the SEC, through press releases, or through other public disclosure.

In accordance with General Instruction B.2 of this Current Report on Form 8-K, the information presented in this Item shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as previously set forth by specific reference in such a filing.

Certain Forward-Looking Statements

The Securities and Exchange Commission (“SEC”) encourages companies to disclose forward-looking information so that investors can better understand a company’s future prospects and make informed investment decisions. This Current Report on Form 8-K (including the exhibit hereto) contains such “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995.  In some cases, forward-looking statements are identified by terminology such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “believe,” “estimate,” “predict,” “potential,” “pro forma,” “seek” or “continue” or the negative of those terms or other comparable terminology. These statements are only predictions and may prove to be incorrect as a result of a number of factors or combination of factors including, but not limited to, the factors identified below and those discussed in Item 1A, Risk Factors, of the Company’s 2011 Annual Report on Form 10-K. Readers are strongly encouraged to consider those and the following factors when evaluating any forward-looking statements concerning the Company: the general political, economic and competitive conditions in markets and countries where we have operations, including, inflation or deflation and changes in tax rates; foreign currency exchange fluctuations; our failure to meet quality standards; our ability to successfully execute and integrate acquisitions; changes in our operating strategy or development plans; our ability to attract, hire and retain qualified personnel, including our ability to maintain our highly skilled executives, sales and engineering staff; changes in the availability or cost of raw materials, energy and labor; our ability to develop and maintain competitive advantages; risks associated with our manufacturing activities; labor disturbances, including any resulting from the suspension or termination of our collective bargaining agreements; the impact of environmental and safety issues and changes in environmental and safety laws and regulations; changes in the cost and availability of transportation; our reliance on distributors; additional tax liabilities we may incur; the impact of trade regulations; availability of credit, both to us and our customers; the competitive environment in the wire rope, synthetic rope, electromechanical cable and specialty wire industries, both in the U.S. and abroad; the substantial doubt of the China joint venture’s ability to continue operating; our significant indebtedness; interest rate fluctuations and changes in capital market conditions; and our ability to implement and maintain sufficient internal controls.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.	Description
99.1	Investor Presentation

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	WireCo WorldGroup Inc.
Date:  June 12, 2012	By:	/s/ J. Keith McKinnish
		J. Keith McKinnish,
		Senior Vice President and Chief Financial Officer

EX-99.1

Exhibit 99.1

Wire Spool 01.bmpLender Presentation   June 2012  

 logo  Disclaimer   This presentation does not constitute an offer to make any investment or a solicitation of offers to make any investment. Any offers to make an  investment or solicitation of offers to make an investment will be made only pursuant to definitive agreements and other documents that may be  subsequently provided to you, and you are advised to read any such agreements and documents carefully and in their entirety when they become  available because they will contain important information relating to any investment opportunity. You are not entitled to rely upon any advice or  opinions contained in this presentation with respect to the tax, financial and/or legal structuring of the transactions described herein. Accordingly, in  evaluating the investment, you should obtain and rely upon the advice of your own independent tax, financial and legal advisors.      In addition, although certain of the information described herein (including, without limitation, information related to Royal Lankhorst (together with its  affiliates, “Lankhorst”)) has been obtained from sources which we believe to be reliable, we do not make any representation or warranty as to its  accuracy, and such information may be incomplete or condensed. Accordingly, the attached materials should not be relied on by any person.      Some statements and information set forth in this communication contain forward-looking statements that are subject to change, including, without  limitation, future estimates or projections for WireCo and Lankhorst. These forward-looking statements are subject to risks and uncertainties that  could cause actual events or actual future results to differ materially from the expectations set forth in the forward-looking statements. Neither WireCo  nor any of its affiliates have any responsibility to update any of the information provided in this presentation. For a brief statement of the factors that  could cause these statements to differ materially, see Item 7.01 of the Form 8-K filed by WireCo on June 13, 2012.      It is understood and acknowledged that any person’s access to, and use of, any of the attached materials constitutes their overall acceptance of the  following: (1) none of WireCo nor any other party involved in the preparation of the attached materials makes any representation, warranty or claim  that the materials and information contained therein is current or accurate; (2) by virtue of access to these materials, no one shall be entitled to claim  detrimental reliance on any information provided or expressed; (3) no person should rely on statements or representations made within these  materials nor should any person rely on the statements or representations made by any other source based on these materials; and (4) neither  WireCo nor any other party involved in the preparation of the attached materials shall have any duty or liability to any person in connection with the  attached materials.     2  
  Reported EBITDA and Acquisition EBITDA as used in the attached presentation are consistent with our definitions of Adjusted EBITDA and Acquisition Adjusted EBITDA, respectively, as presented in our annual reports filed on Form 10-K and our quarterly reports filed on Form 10-Q.  

 logo  3   Attendees   Name   Position   Ira Glazer   CEO and President   Eric V. Bruder   COO and Executive VP   Keith McKinnish   CFO and Senior VP   Brian Block   VP of Strategic Analysis     eric_bruder_lg.jpgBrian Block Photo.JPG  
 

 logo  3   Attendees   Name   Position   Ira Glazer   CEO and President   Eric V. Bruder   COO and Executive VP   Keith McKinnish   CFO and Senior VP   Brian Block   VP of Strategic Analysis     eric_bruder_lg.jpgBrian Block Photo.JPG  
 

 logoTransaction Overview   wireco_wg_process_pos  
 

 logo  Executive Summary   .Affiliates of WireCo WorldGroup Inc. (“WireCo” or the “Company”) have signed a definitive agreement  to acquire Koninklijke (Royal) Lankhorst Euronete Group B.V. (“Lankhorst”)  –Total purchase price of $231.2 million (including debt assumed, but excluding fees and expenses)  or approximately 8.3x (pre-synergies) LTM Adj. EBITDA of $27.9 million as of March 31, 2012¹    .To fund the acquisition the Company will be refinancing its existing Senior Secured Credit Facilities and  plans to issue new Senior Notes resulting in a financing comprised of the following:  –$135.0 million Senior Secured Revolving Credit Facility  –$325.0 million Senior Secured Term Loan  –$82.5 million in privately placed Senior Unsecured Notes    .The financing transaction will bolster the Company’s liquidity position and extend its maturity profile  while the acquisition will enable the combined Company to be positioned as one of the largest  manufacturers of steel and synthetic lifting products in the world  .Pro forma for the acquisition, the Company will have total and net leverage of 5.4x and 5.1x,  respectively, based on PF Adj. EBITDA of $164.3 million² as of the twelve month period ending March  31, 2012    6   ¹ Transaction values assume a €186.5mm purchase price and FX rate of 1.24x Euro / USD.   ² Includes cost synergies of $8.5 million. See Appendix for reconciliation to net income.  
 

 logo7   Sources and Uses and Pro Forma Capitalization   Sources & Uses Sources & Uses   Pro Forma Capitalization Pro Forma Capitalization   ($ in millions)   1Includes a 1.25% LIBOR Floor.  Note: Total debt is defined as face amount of total indebtedness plus capital leases. In addition, net debt is total indebtedness less cash and equivalents.    SheetName:PF Cap Table;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo Cap Table 05.xlsx;SheetName:PF Cap Table;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo Cap Table 05.xlsx;  
 

 logo8   Summary Terms: Credit Facility   Borrower   WireCo WorldGroup, Inc. (the “Company”)   Ranking   Senior Secured   Amount   .Revolver: $135.0 million  .Term Loan: $325.0 million    Maturity   .Revolver: February 15, 2017  .Term Loan: February 15, 2017    Amortization   .Revolver: None  .Term Loan: 1% per annum    Coupon   .Revolver: L + TBD bps, no floor  .Term Loan: L + TBD bps, 1.25% floor    Unused Fee   .Revolver: 50 bps  .Term Loan: N/A    Call / Repayment Premium   101 soft call for 1st year   Mandatory Repayments   .Standard and customary for facilities of this type including debt and asset sales  .50% ECF sweep with step downs to 25% and 0% based on leverage    Maintenance Covenant   .Net Total Leverage1  .Interest Coverage        ¹ Maximum cash netting amount TBD.  
 

 logo8   Summary Terms: Credit Facility   Borrower   WireCo WorldGroup, Inc. (the “Company”)   Ranking   Senior Secured   Amount   .Revolver: $135.0 million  .Term Loan: $325.0 million    Maturity   .Revolver: February 15, 2017  .Term Loan: February 15, 2017    Amortization   .Revolver: None  .Term Loan: 1% per annum    Coupon   .Revolver: L + TBD bps, no floor  .Term Loan: L + TBD bps, 1.25% floor    Unused Fee   .Revolver: 50 bps  .Term Loan: N/A    Call / Repayment Premium   101 soft call for 1st year   Mandatory Repayments   .Standard and customary for facilities of this type including debt and asset sales  .50% ECF sweep with step downs to 25% and 0% based on leverage    Maintenance Covenant   .Net Total Leverage1  .Interest Coverage        ¹ Maximum cash netting amount TBD.  
 

   logo  10  WireCo WorldGroup Structure   Denotes Guarantor   Denotes Non-Guarantor   WireCo WorldGroup Inc.   (Cayman) 1   WRCA (Luxembourg)   Holdings S.a.r.l. 2   China JV   WRCA US Holdings, Inc.   Mexican  Subsidiaries  Domestic Subsidiaries   WireCo WorldGroup Inc.   .Revolver  .Term Loan  .Senior Notes    Note: There will be exceptions to the guarantor status of certain European and Lankhorst subsidiaries.   1 This entity is 99.3% owned by Paine & Partners Fund III and 0.7% owned by the Company management and directors.   2 WRCA (Luxembourg) Holdings S.a.r.l. is a co-borrower under the credit facilities.   EBITDA by Guarantors EBITDA by Guarantors   European Subsidiaries   Lankhorst Subsidiaries   SheetName:EBITDA by Guarantors;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Lender Presentation\Excel Back Up\EBITDA by Guarantors.xlsx;  
 

   logoExecutive Summary   wireco_wg_process_pos  
 

 logoSheetName:Revenue by Geo_Wire;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Charts_v10.xlsx;WireCo Overview  .Headquartered in the United States, with 14 manufacturing operations in 6 countries and over 3,300 employees  .“Mission-critical” products where performance, quality and safety are key buying decision  .~87% of sales serving replacement market; products are consumable with 6 – 24 month useful life  .Proprietary technology and manufacturing expertise supported by staff of over 55 engineers and metallurgists  .Leading market position and premium brands serving diverse end markets including O&G, crane and mining  .3/31/12 LTM revenue and Adj. EBITDA of $669 and $128 million, respectively¹      12   Revenue by End Market Revenue by End Market Revenue by Geography Revenue by Geography   Revenue by Product Revenue by Product  WireCo is a leading global manufacturer of wire rope, synthetic rope, electromechanical (“EM”) cable  and specialty wire   Note: As of FYE 2011 and pro forma for Drumet, excluding China JV sales. “Rest of Europe” consists of all European countries except Spain, Portugal, Greece,  Italy, Norway, Sweden, Finland, Iceland, Denmark, Netherlands, Germany, U.K. and Belgium.  WireCo is a global leader in all value added segments of the lifting products market WireCo is a global leader in all value added segments of the lifting products market SheetName:Revenue by products;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Highly Diversified Business Mix Standalone_03.xlsx;SheetName:Revenue by products (2);Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Highly Diversified Business Mix Standalone_03.xlsx;SheetName:Revenue by Geo_Wire;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Charts_v10.xlsx;C:\Users\sdix\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\SKAVV9HC\CorpLogo.jpg  
 

 logoSheetName:Sales by End Market;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\Lankhorst Charts 04.xlsx;SheetName:Sales by Product Langk;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Charts_v10.xlsx;SheetName:L_Contract Sales Geo1;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Committee\2011 Sales Breakdown v4.xlsx;Lankhorst Overview  .Headquartered in the Netherlands, with 11 manufacturing operations in 7 countries and over 1,300 employees  .Products consist of manufactured specialty ropes and fibers, engineered plastic moldings and yachting accessories  .Leading market position and premium brand in synthetics, offshore, fishing and marine end markets  .3/31/12 LTM revenue and Adj. EBITDA of $245 and $28 million, respectively¹  .Approximately $150 million in contractual backlog related to offshore projects; driving strong sales growth in 2012      13   Revenue by End Market Revenue by End Market   Revenue by Geography Revenue by Geography   Revenue by Product Revenue by Product  Lankhorst is a leading global provider of value-added synthetic products primarily serving the  offshore, oil & gas, fishing, marine, structures, industrial and agricultural markets   c:\Documents and Settings\lundnic\Desktop\lankhorst.jpgNote: “Rest of Europe” consists of all European countries except Spain, Portugal, Greece, Italy, Norway, Sweden, Finland, Iceland, Denmark, Netherlands,  Germany, U.K. and Belgium. Sales mix represents 2011 sales plus sales under contract.   1 LTM sales and EBITDA assume average FX rate of 1.36x Euro / USD which implies LTM sales and EBITDA of €180.1mm and €20.5mm, respectively.      ~70% of EBITDA from fishing, marine and offshore which are driven by the global economy and insulated from European economic conditions  ~70% of EBITDA from fishing, marine and offshore which are driven by the global economy and  insulated from European economic conditions  
 

 logoAcquisition Strategic Rationale   Creates a global leader of value added lifting products, both in steel and synthetic   Further diversification by end markets, geographies, products and manufacturing base   Complementary strengths; creates leading market position in offshore, marine, fishing   Brings critical global mass   Improves overall growth profile with penetration in emerging markets and growing end markets   Market leading technology, proprietary products and sophisticated R&D team   Experienced, high quality, low cost manufacturing base, including Brazil   Maximizes conversion of operating profit to cash flow   Cost saving opportunities     1  2   3   4   5  6   7   14  WireCo + Lankhorst = Large Diversified Stable Earnings  Lankhorst increases WireCo’s earnings growth, stability and free cash flow generation   8   9  
 

 logoPro Forma WireCo Revenue  15   Highly diverse $916 million in sales, $164 million EBITDA and 85% replacement market Highly diverse $916 million in sales, $164 million EBITDA and 85% replacement market   Revenue by End Market Revenue by End Market   Revenue by Brand Revenue by Brand  Note: As of FYE 2011 and pro forma for Drumet and Lankhorst, excluding China JV sales. Sales mix for Lankhorst represents 2011 sales plus sales under  contract. “Rest of Europe” consists of all European countries except Spain, Portugal, Greece, Italy, Norway, Sweden, Finland, Iceland, Denmark, Netherlands,  Germany, U.K. and Belgium.      WireCo WireCo   Pro Forma Pro Forma  Camesa20% Casar13% Phillystran2% Union18% MacWhyte3% Oliveira7% Drumet11% Lankhorst18% Euronete8%SheetName:Wireco;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Highly Diversified Business Mix Standalone_04.xlsx;Wire25% Crane23%Oilfield18% General  Purpose18% Mining  Products8% Fishing4% Marine2% Structures2% Offshore1% Wire18% Crane17% Oilfield13% General  Purpose18% Mining  Products6% Fishing11% Marine6% Structures5% Offshore7%  
 

 logoPro Forma WireCo Revenue  16   Highly diverse $916 million in sales, $164 million EBITDA and 85% replacement market Highly diverse $916 million in sales, $164 million EBITDA and 85% replacement market   Revenue by Product Revenue by Product Revenue by Geography Revenue by Geography  WireCo WireCo   Pro Forma Pro Forma   Wire  Rope62% Specialty  Wire26% EM Cable6% Synthetic Rope6%SheetName:Revenue by Geo_Wire;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Charts_v10.xlsx;SheetName:Sales by Product;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Charts_v10.xlsx;SheetName:Revenue by Geo_Pro;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Charts_v10.xlsx;Note: As of FYE 2011 and pro forma for Drumet and Lankhorst, excluding China JV sales. Sales mix for Lankhorst represents 2011 sales plus sales under  contract. “Rest of Europe” consists of all European countries except Spain, Portugal, Greece, Italy, Norway, Sweden, Finland, Iceland, Denmark, Netherlands,  Germany, U.K. and Belgium.  
 

 logoCompany Overview   wireco_wg_process_pos  
 

   logoLeading Global Producer with Broad Product Offering  Wire Rope   46% of Sales   EM Cable   5% of Sales   Special type of  highly engineered  wire rope that has  strength  characteristics and  electrical signal  conducting  capabilities  Large diameter,  highly engineered  rope used in mining,  oil and gas, and  infrastructure end  markets  Array of engineered  specialty wire  products used in  general industrial  end markets   Specialty Wire   17% of Sales   wiresHighly engineered,  made-to-order  synthetic ropes and  technical products  that have strength  characteristics of  steel but weigh  significantly less   Synthetic Products  24% of Sales wireline_logohttp://phillystrand.com/Resource_/Website/335/logo.gif18   union_logoC:\Users\bblock\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\2PBP0187\UnionInternational_Color.jpgcamesa_logohttp://www.google.com/url?source=imglanding&ct=img&q=http://www.lankhorst.co.uk/hst/l18a10n/lankhorst.nsf/0/6F67F52FCC65F245C12577CF003ADEF8/$FILE/Logo%20Euronete%20site.jpg&sa=X&ei=ja62T7aGEIOY8gSD7JTBCg&ved=0CAkQ8wc&usg=AFQjCNHtrRKlSk3KBW9m3AJBYjDZaG6DLwEngineered  Products   8% of Sales   Highly engineered  plastic molding from  recycled materials  used in a variety of  industrial, structural  and oil and gas  applications Description: TriVIV Suppression SystemDescription: Top plastic products for offshore industrycasar_logocamesa_logohttp://www.google.com/url?source=imglanding&ct=img&q=http://www.lankhorst.co.uk/hst/l18a10n/lankhorst.nsf/0/6F67F52FCC65F245C12577CF003ADEF8/$FILE/Logo%20Euronete%20site.jpg&sa=X&ei=ja62T7aGEIOY8gSD7JTBCg&ved=0CAkQ8wc&usg=AFQjCNHtrRKlSk3KBW9m3AJBYjDZaG6DLwcamesa_logoC:\Users\bblock\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\2PBP0187\UnionInternational_Color.jpghttp://www.google.com/url?source=imglanding&ct=img&q=http://www.lankhorst.co.uk/hst/l18a10n/lankhorst.nsf/0/6F67F52FCC65F245C12577CF003ADEF8/$FILE/Logo%20Euronete%20site.jpg&sa=X&ei=ja62T7aGEIOY8gSD7JTBCg&ved=0CAkQ8wc&usg=AFQjCNHtrRKlSk3KBW9m3AJBYjDZaG6DLwNote: As of FYE 2011 and pro forma for Drumet and Lankhorst, excluding China JV sales. Sales mix for Lankhorst represents 2011 sales plus sales under contract.  
 

   logo19   Lankhorst + WireCo: Synthetic + Steel Products   Rope Material Comparison Rope Material Comparison   Product Overview Product Overview  .As depth increases, the weight of steel wire increases,  while installation capacity decreases  .Solutions using fiber rope can reach great depths  (unlimited) with virtually no increase in weight  .High end synthetics are more expensive than steel  ropes due to greater performance capability    .Fiber ropes offer attractive physical characteristics vs.  steel  –Equal strength / greater flexibility / lighter weight  –Weight of steel prevents use beyond 2,000m in depth; Fiber  ropes practical up to ~10,000m  –High demand as offshore well depth continues to increase    .Common uses include mooring lines, offshore hook-ups  to O&G offloading systems, submerging subsea  equipment, towing seismic equipment, vessels, fishing  equipment    Synthetic products are primarily used in offshore and maritime applications, but the market is  expanding to other technical applications where high strength and low weight are critical  Fiber Ropes feature low  weight and high strength  HMPE   Steel   High   Strength Low  High  Low  Weight  Polyester    Nylon   Aramid,    Kevlar  
 

   logoPremium Brands Across All Market Segments  .Focus on complementary brands addressing each tier in the marketplace  .WireCo provides same standards of quality support and service for all brands and all tiers  .Talented research and development team continues to produce innovative products to meet customers' needs  –Advanced metallurgical knowledge  –74 product engineers & metallurgists  –State-of-the-art full-line manufacturing facilities and production expertise  –Over 6,000 highly engineered rope designs      20  Tier 1 Brands (65% of sales):   High end applications and performance   Tier 3 Brands (10% of sales):   High performance value priced   Tier 2 Brands (25% of sales):   Well established brands for critical  applications    casar_logocamesa_logounion_logohttp://phillystrand.com/Resource_/Website/335/logo.gif C:\Users\bblock\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\2PBP0187\UnionInternational_Color.jpgwireline_logocamesa_logoWire and Synthetic Rope  EM Cable and Specialty Wire  Wire Rope and Wire  Specialty Wire   Wire Rope   c:\Documents and Settings\lundnic\Desktop\lankhorst.jpg  
 

   logo21   Global Manufacturing Footprint   Manufacturing facilities   USA.wmfNorth America Asia Europe  United States (7) Mexico.wmfMexico (2) Germany.wmfGermany (2)   Portugal.wmfPortugal (6)   China.wmfChina (1)  (Joint Venture)   Poland (1) c:\Documents and Settings\lundnic\Desktop\poland-flag.gifMexico  Poland  Global Manufacturing Capacity  Global Capacity:  408,000 Tons  Global Capacity:   330,000 Tons   Mexico   China   Poland  India (1)  (Joint Venture)  France (1)  Netherlands (2)  Greece (1)  (Joint Venture)  South America   Brazil (1)   netherlands.bmpbrazil.giffrance.gifgreece.pngindia.gifGlobal Asset Base (3/31/12)   Rope and Engineered Products Wire  76,000  ($ in millions) SheetName:Rope and Eng prod;Type:GsPicture;FilePath:\\Ibnjs002vf\tightrope2012\Rating Agency Presentation\RAP Excel back-up\Manufacturing Pie Charts 01.xlsx;SheetName:Wire Capacity;Type:GsPicture;FilePath:\\Ibnjs002vf\tightrope2012\Rating Agency Presentation\RAP Excel back-up\Manufacturing Pie Charts 01.xlsx;Note: Manufacturing capacity as of FYE 2011.  WireCoLankhorstTotalA/R$121$63$184Inventory$192$58$250PP&E$250$67$317Total$563$188$751  
 

   logo22   Global Sales and Distribution Network   25 manufacturing facilities, 22 distribution centers,18 sales offices and 175+ person sales force globally servicing 122 different countries around the world  25 manufacturing facilities, 22 distribution centers,18 sales offices and 175+ person sales  force globally servicing 122 different countries around the world   Untitled.wmfUntitled.wmf  
 

   logoCredit Strengths wireco_wg_process_pos  
 

   logoCredit Strengths wireco_wg_process_pos  
 

   logo25  1. Global Leader in Lifting Products   .Target markets for WireCo in excess of ~$12 billion  .WireCo maintains leading global market share in  core technical end markets and applications  –Lankhorst bolsters presence in offshore, fishing  and marine end markets    .Few competitors have the breadth of product  offering or geographic coverage  .WireCo focused on segments where quality,  service, and engineering support is key buying  decision  –74 engineering, metallurgist and R&D  professionals critical to market position    .Primarily serving replacement market; consumable  products with 6 – 24 month useful life  .Long term global trends in key end markets provide  sustained underlying growth    25   Core End Market Applications Core End Market Applications  0 XXX 0000 0:00 1/1  Market  Estimated Market  Position(1) Competitors  Oil & Gas  #1  . Bridon  . Kiswire  . Usha Martin  Offshore  #1  . Bridon  . Bexco  . CSL/Lupatech  . Samson  Cranes  #1 / #2  . Diepa  . Verope  . Bridon  . Teufelberger  Mining  #1  . Haggie Rand  . One Steel  . Severstal  . WRI  Marine  #1  . Samson  . DSR  . Dong Yang  Fishing  #1  . Bridon  . Gareware  . Tufrope  . DSR  Structures  NM  . Tysca  . Usha Martin  . Fatzer  . Radaelli  (1) Management estimates.  
 

   logoRevenue by Geography Revenue by Geography    2. Highly Diversified Business Mix  Revenue by Product Revenue by Product Revenue by End Market Revenue by End Market  Revenue by Brand Revenue by Brand  1 2   3 4   All Other 80%  26 SheetName:Sales by End Market;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Charts_v4.xlsx;SheetName:Sales by Brand;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Charts_v6.xlsx;SheetName:Sales by Product;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Charts_v6.xlsx;SheetName:Revenue by Geo_Pro;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Charts_v10.xlsx;Note: As of FYE 2011 and pro forma for Drumet and Lankhorst, excluding China JV sales. Sales mix for Lankhorst represents 2011 sales plus sales under  contract. “Rest of Europe” consists of all European countries except Spain, Portugal, Greece, Italy, Norway, Sweden, Finland, Iceland, Denmark, Netherlands,  Germany, U.K. and Belgium.  
 

   logoToday: ~6,000 Customers  2006: ~2,000 Customers  Top 10 Customers  ~20%   No one customer  is greater than 5%  of sales  3. Long-Term Customer Relationships  .Loyal, consistent customer base, demonstrating the long-term stability of the business  –20 of the largest customers (representing approximately ~28% of sales) have been customers on  average approximately 20 years    .Volumes from largest customers have grown or remained stable    Alcoa Inc_left_Oct07.wmfArcelorMittal_Oct07.wmfCaterpillar Inc_horizontal_Jan03.wmfFastenal Company_Oct10.wmfGoodrich Corp_right_Oct03.wmfHalliburton Company Inc_Text.wmfJohn Deere_Mar06.wmfL3 Communications UK Limited_Jan09.wmfManitowoc Company Inc, The_left_Feb10.wmfNexans SA_left_May04.wmfNorthrop Grumman Corp_horizontal_Jan01.wmfOshkosh Truck Corporation_Jul08.wmfOtis Elevator Company_left_Sep06.wmfPrysmian_Jun06.wmfRaytheon Company_horizontal_Feb10.wmfSchlumberger Ltd_blue text_Jan02.wmfSiemens AG _Mai06.wmfValmont Industries Inc_right_Jan06.wmfWESCO International Inc_Oct10.wmfBombardier_May05.wmfLafarge_Dec06.wmfMosaic Company (The)_Oct06.wmfPetrobras SA_left_Sep09.wmfPfeifer_horizontal_Apr11.wmfSelected Customers Selected Customers   27  2011 WireCo Sales by Customer 2011 WireCo Sales by Customer  
 

   logo28   4. Mission-Critical Products with Recurring Revenue   Oil and Gas Oil and Gas   Crane and Industrial Applications  Crane and Industrial  Applications   Mining Mining   Products   Drill lines   Sand lines   Tubing lines   Riser tensioners   Buoy pendant lines   Anchor lines   Electromechanical cable   Hoist lines   Auxiliary hoists   Boom hoists   Trolley lines   Boom pendants      Drag lines   Dragline hoists   Shovel hoists   Crowd and retract ropes   Boom pendants   Shaft ropes   Balance ropes   Example   Drill Lines   Hoist Ropes   Shovel Hoists   Primary   Application   Oil and Gas Exploration   Cranes   Coal and Copper Mining   Cost   ~$20K   ~$1K – $250K   ~$20K   Estimated   Replacement Cycle   6-12 months   1-4 years   2-4 months   Estimated %   Replacement   ~95% of business   ~70%-80% of business   ~95% of business     CranesBuildingCranes_211-2Due to Mission Critical Nature, Customers Choose Product Based on Quality, Service and Engineering Support.  Rigorous Operating Conditions Require Frequent Replacement, Generating a Steady Stream of Recurring Revenue.  
 

   logo5. Consistent Margins Despite Volatile Raw Material Prices   .Strong EBITDA margins maintained throughout volatile cost environment  –“Mission critical” product status leads to relative price insensitivity among customers as the Company’s quality,  service, and engineering support are key differentiating factors against competitors  –Margins are stabilized during volatile commodity markets by the use of surcharges  –Surcharges are added to steel rope products at the time of sale to reflect current commodity prices    .In 2011, raw materials costs comprised 48% of sales, with steel rod, fiber and plastics accounting for the single  largest amount of purchases    29   Indexed Steel Price Indexed Steel Price   Reported EBITDA & EBITDA Margin Reported EBITDA & EBITDA Margin   SheetName:Chart1;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Financials\Steel price history spreadsheet 8Jan2011 v2.xlsx;Source: Purchasing Magazine, SBB.   SheetName:ebitda;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Lender Presentation\Excel Back Up\EBITDA Margin_V1.xlsx;  
 

   logo$ 26   $(28)   $ 53   $ 51  $ 26   2008  2009  2010  2011  PF LTM  3/31/12    6. Highly Flexible, Low Cost Manufacturing Base Generates Strong FCF   $8   $8   $8   $12   $14  $21    $7    $10    $12    $38    $29    $15   $18  $24   $52   2008  2009  2010  2011  PF LTM  3/31/12  $0$5$10$15$20$25$30PFGrowth CapexMaintenance CapexChange in Working Capital2 Change in Working Capital2   Historical Capital Expenditures Historical Capital Expenditures   .Highly flexible cost structure which generates strong free  cash flow through all economic cycles  .87% of WireCo’s costs are variable or semi-variable  –Support EBITDA margins in a downturn    .Significant manufacturing capacity in low cost regions  .Low maintenance capital requirements and efficient use of  working capital  –FY 2011 maintenance capex of $14mm, with run-rate  capex of $38mm for the combined Company  –FY 2011 inventory, A/R and A/P turnover of 127 days,  53 days and 40 days, respectively      30   Free Cash Flow1 Free Cash Flow1   1Free Cash Flow defined as EBITDA less increases in working capital and capital expenditures.  2Change in Working Capital is accounts receivable plus inventory less accounts payable    ($ in millions)   Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Financial Charts 04.xlsx;SheetName:Free Cash Flow;  
 

   logoAcquisition Date   2005   2007   2007   2009   2010   2011   2012   Purchase Price   $111m   $21m   $87m   $15m   $81m   $100m   $231m     31   7. Track Record of Successful Tuck-in Acquisitions   Key Acquisitions Key Acquisitions  2005   2006   2007   2008   2009   2010   2011   Aceros Camesa:  Electromechanical  cable and low-cost  facilities in Mexico  Wireline Works:  Additional EM  cable products   CASAR: High performance  wire rope for crane and  mining markets; added  European manufacturing   Phillystran:  Leading  manufacturer of  synthetic ropes   Oliveira: Steel and  synthetic rope  manufacturer; expanded  European footprint   Drumet: Low cost  manufacturing and  vertical integration  within Europe   WireCo has created significant earnings growth, additional cash flow and efficient de-leveraging through successful integration of tuck-in acquisitions  WireCo has created significant earnings growth, additional cash flow and efficient de-leveraging  through successful integration of tuck-in acquisitions   .   . .   Geographical diversification   .   .   .   .   .   . End-Market diversification   .   .   .   http://www.google.com/url?source=imglanding&ct=img&q=http://www.lankhorst.co.uk/hst/l18a10n/lankhorst.nsf/0/6F67F52FCC65F245C12577CF003ADEF8/$FILE/Logo%20Euronete%20site.jpg&sa=X&ei=ja62T7aGEIOY8gSD7JTBCg&ved=0CAkQ8wc&usg=AFQjCNHtrRKlSk3KBW9m3AJBYjDZaG6DLw.   .   .   . Product diversification   .   .   ($ in millions)   Average Multiple Paid: 6.8x EBITDA   Average Multiple after Synergies: 4.2x EBITDA  
 

   logo32   Management   Ira Glazer   61   11   President – Chief Executive Officer   Eric V. Bruder   48   20   Executive Vice President – Chief Operations Officer   J. Keith McKinnish   55   6   Senior Vice President – Chief Financial Officer   Jose Gramaxo   52   34   Senior Vice President – Global Synthetics   Wolfgang Oswald   46   11   Senior Vice President – Eastern Hemisphere Sales   Miguel Gomez   44   10   Senior Vice President – Western Hemisphere Sales   David T. Hornaday   60   35   Senior Vice President – Chief Administrative Officer   Phil Crouse   47   23   Senior Vice President – Western Hemisphere Operations   Joaquin Barrios   52   29   Senior Vice President – Global Supply Chain   Dennis Fetter   62   40   Senior Vice President – Chief Technical Officer   Mark B. Henshaw   51   28   Senior Vice President – Global Quality     8. Experienced and Proven Management Team   Name   Age   Industry Experience   Title   .Management holds ~20% ownership interest in the Company on a fully diluted basis and compensation is  tied directly to WireCo’s financial performance  .Management has successfully integrated 7 strategic acquisitions since 2005  .Management team has driven significant EBITDA margin improvement  
 

   logoFinancial Overview      wireco_wg_process_pos  
 

   logo2007A2008A2009A2010A2011A PF LTM3/31/12$372  $537  $383  $448  $605  $669  $78  $89  $71  $138  $65  $245  $ 450  $ 626  $ 454  $ 586  $ 670  $ 914  Reported RevenueAcquisition Revenue WireCo Organic and Acquisition Growth   WireCo Net Sales   WireCo EBITDA  34    10.5% CAGR from 2007A to 2011A    11.5% CAGR from 2007A to 2011A   WireCo has generated revenue and EBITDA growth in excess of the overall market by executing on a well defined growth strategy and successfully integrating strategic acquisitions  WireCo has generated revenue and EBITDA growth in excess of the overall market by executing  on a well defined growth strategy and successfully integrating strategic acquisitions   2007A2008A2009A2010A2011A PF LTM3/31/12$72  $103  $78  $94  $123 $128  $12  $19  $15  $18  $6  $28  $ 84  $ 122  $ 93  $ 112  $ 130  $ 164  Reported EBITDAAcquisition EBITDASynergies ($ in millions)   Note: WireCo acquisition adjusted revenue and EBITDA represents the pro forma effect from acquisitions over the five year period.   $9  
 

 logoActual Revenue Pro Forma Revenue   Pro Forma EBITDA Actual EBITDA  Q1 Financial Overview  35  ($ in millions)  Note: Pro Forma Revenue and Pro Forma EBITDA as of March 31, 2011 are adjusted to reflect the acquisition of Drumet (acquired in July 2011) as if it occurred at the  beginning of the period.   $ 138.7  $ 166.5   $ 62.8 $ 66.2  2011  2012  WireCo  Lankhorst  $ 167.4 $ 166.5  $ 62.8 $ 66.2   2011  2012  WireCo  Lankhorst  SheetName:PF EBITDA (2);Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Financials\Summary Financials for Bank Book 10.xlsx;SheetName:Actual EBITDA;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Financials\Summary Financials for Bank Book 10.xlsx;  
 

   logo36   Historical Financial Snapshot   Revenue Revenue Adj. EBITDA1 Adj. EBITDA1   Free Cash Flow2 Free Cash Flow2   Capex Capex   Note: WireCo acquisition adjusted revenue and EBITDA as of December 31, 2011 are adjusted to reflect pro forma effects of the Drumet acquisition (acquired in July  2011) as if it was acquired at the beginning of the relevant twelve month period. Pro forma revenues and EBITDA as of March 31, 2012 are adjusted to reflect pro  forma effects of the acquisition of Lankhorst as if it was acquired at the beginning of the relevant twelve month period.   ¹ Includes projected Lankhorst synergies of $8.5 million.   ² Free Cash Flow defined as EBITDA less capital expenditures and increases in working capital. Working capital defined as accounts receivable plus inventory less  accounts payable   .Lankhorst maintenance capex is $2-$4 million    ($ in millions)   SheetName:Revenue;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Financial Charts 01.xlsx;SheetName:Adj. EBITDA;Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Financial Charts 02.xlsx;$52   Type:GsPicture;FilePath:\\IBNJS002VF\TIGHTROPE2012\Rating Agency Presentation\RAP Excel back-up\WireCo RAP Financial Charts 04.xlsx;SheetName:Capex;  
 

   logo37  Historical Financials                           Note: WireCo acquisition adjusted revenue and EBITDA as of December 31, 2011 are adjusted to reflect pro forma effects of the Drumet acquisition (acquired in July  2011) as if Drumet was acquired at the beginning of the relevant twelve month period. Pro forma revenues and EBITDA as of March 31, 2012 are adjusted to reflect  pro forma effects of the acquisition of Lankhorst as if Lankhorst was acquired at the beginning of the relevant twelve month period.   1 PF LTM includes projected Lankhorst synergies of $8.5 million.   2 Reported EBITDA excluding impact of acquisitions.   3 Change in Working Capital is accounts receivable plus inventory less accounts payable   4 Total Unlevered Free Cash Flow defined as EBITDA less increases in working capital and capital expenditures.   ($ in millions)   Summary Financials20072008200920102011PF LTM 3/31/12Revenues$450$626$454$586$670$914% growth-39%(27)%29%14%- Acquisition EBITDA¹$84$122$93$112$130$164% margin19%19%20%19%19%18% % growth-45%(24)%21%16%- Selected Cash Flow ItemsReported EBITDA2$72$103$78$94$123$164Change in Net Working Capital3-(26)28(53)(51)(26) Total Capital Expenditures(20)(29)(15)(18)(24)(52) Total Unlevered Free Cash Flow4$52$48$91$23$48$86  
 

   logoClosing Summary      wireco_wg_process_pos  
 

   logo  WireCo: Diverse, Global Leader in Lifting Products   39   Highly diverse $916 million in sales, $164 million EBITDA and 85% replacement market Highly diverse $916 million in sales, $164 million EBITDA and 85% replacement market  .WireCo is a leading global producer of value added lifting products, both in steel and synthetic  .Lankhorst is a highly complementary acquisition; core strengths are in attractive markets where WireCo has  limited presence (synthetic products serving offshore, marine and fishing)  .“Mission-critical” consumable products where performance, quality and safety are key buying decision  .Diverse sales by end market, geography, product and brand coupled with an extensive global manufacturing,  distribution and sales footprint  .Track record of successfully integrating and enhancing seven acquisitions through sales and margin growth  leading to increased returns and deleveraging  .Strong international organization across all disciplines    39   Revenue by End Market Revenue by End Market Revenue by Geography Revenue by Geography   Revenue by Product Revenue by Product   Note: As of FYE 2011 and pro forma for Drumet and Lankhorst, excluding China JV sales. Sales mix for Lankhorst represents 2011 sales plus sales under  contract. “Rest of Europe” consists of all European countries except Spain, Portugal, Greece, Italy, Norway, Sweden, Finland, Iceland, Denmark, Netherlands,  Germany, U.K. and Belgium.  
 

   logoQ&A  wireco_wg_process_pos  
 

   logoAppendix   wireco_wg_process_pos  
 

   logo  42   EBITDA Reconciliation             ($ in millions)  1 Non-cash loss incurred due to write-off of unamortized debt issuance costs in connection with term loan refinancing.  2 Unrealized foreign currency exchange (gains) losses associated with the revaluation of intercompany loans.  3 Consists primarily of purchase accounting adjustments associated with prior year acquisitions and restructuring costs.  4 Third party fees paid in connection with term loan refinancing.  5 Consists of management fee, bank fee and board payments, foreign currency exchange (gains) losses and other expenses.  6 Includes headcount reductions, factory rationalizations and internal rope sourcing.  SheetName:EBITDA Rec;Type:GsPicture;FilePath:\\Ibnjs002vf\tightrope2012\Model\Updated Leverage Calc\Copy of WireCo Current Leverage Calc_v11_LP.xlsx;  
 

	Successor															Predecessor
	Years ended December 31,												327 days ended December 31,			38 days ended February 7,
	2011			2010			2009			2008			2007			2007
	(dollars in thousands)
Net income (loss)	$	(50,707	)	$	(6,565	)	$	4,086		$	11,682		$	(17,401	)	$	(11,623	)
Plus:
Income tax expense (benefit)		5,016			(13,170	)		(4,435	)		1,899			203			(7,048	)
Depreciation and amortization		39,224			34,247			31,543			33,404			31,543			1,636
Interest expense, net		51,063			33,720			24,718			33,358			30,677			2,748
Loss on extinguishment of long-term debt		5,654			6,520			—			—			—			—
Other expense, net		523			1,073			1,249			1,418			5,432			14,599
Loss on investment in China joint venture		33,015			16,726			3,703			1,539			544			17
Foreign currency exchange losses (gains)		12,445			3,050			(3,268	)		11,305			(4,522	)		—
Share-based compensation		3,841			3,161			3,034			2,904			2,863			2,891
Management fee and board payments (a)		2,931			2,830			4,357			3,143			1,803			—
Bank fees (b)		1,289			1,171			472			530			565			—
Acquisition costs		6,114			5,287			996			(346	)		3,290			—
Purchase accounting (inventory step-up) (c)		1,875			1,364			—			—			9,481			—
Restructuring costs (d)		9,389			2,669			3,720			1,255			2,801			—
Other adjustments (e)		1,547			261			1,810			1,118			1,661			162
Production curtailment (f)		—			—			3,532			—			—			—
Pro forma savings from restructuring (g)		—			1,281			2,628			—			—			—
Adjusted EBITDA		123,219			93,625			78,145			103,209			68,940			3,382
Phillystran pro forma EBITDA(h)		—			—			2,955			3,389			2,371			—
Oliveira pro forma EBITDA (i)		—			11,397			11,465			15,194			9,251			—
Drumet pro forma EBITDA (j)		6,388			6,685		NM			NM			NM				—
Acquisition Adjusted EBITDA	$	129,607		$	111,707		$	92,565		$	121,792		$	80,562		$	3,382

	Three months ended
	March 31,
	2012			2011
	(dollars in thousands)
Net income	$	8,710		$	4,163
Plus:
Interest expense, net		11,570			10,952
Income tax expense		4,949			2,519
Depreciation and amortization		10,035			9,523
Loss on investment in and advances to the China JV		440			3,077
Foreign currency exchange gains, net		(8,063	)		(6,593	)
Share-based compensation		269			972
Other expense, net		10			295
Acquisition costs		219			950
Purchase accounting (inventory step-up)		—			1,289
Bank fees		482			244
Management fee and board payments		851			733
Restructuring costs (a)		851			931
Other adjustments		318			261
Adjusted EBITDA		30,641			29,316
Drumet pro forma EBITDA (b)		—			3,025
Acquisition Adjusted EBITDA	$	30,641		$	32,341