Wolverine Tube sells Canadian plumbing tube business for US$42 million

By: THE CANADIAN PRESS HUNTSVILLE, Ala. - Wolverine Tube Inc. (OTCBB:WLVT) said Tuesday that it has sold its Canadian plumbing tube unit for US$42 million in cash in a move to help focus its business on energy efficient heat transfer tubing, fabricated assemblies and metal joining products. The buyer was not immediately identified by the company. Wolverine said net proceeds from the sale would be used to strengthen its balance sheet. The company said its net debt was about $133 million after the sale, down from $264 million at June 30, 2007. Wolverine makes copper and copper alloy tube, fabricated products and metal joining... [read full story]