Italian energy conglomerate buys General Cable in $3bn deal

Italian energy conglomerate buys General Cable in $3bn deal

Business news |
By Nick Flaherty

The Milan-based Prysmian Group has sales of over €7.5bn in the energy business with 21,000 employees across 50 countries and 82 plants, installing underground and submarine cables and systems for power transmission and distribution and  medium and low voltage cables for the construction and infrastructure sectors. For the telecommunications industry, the Group manufactures cables and accessories for voice, video and data transmission, including optical fibres, optical and copper cables and connectivity systems.

The combined group would have had sales of over €11 billion and adjusted earnings (EBITDA) of €930m with 31,000 staff. 

“The acquisition of General Cable represents a landmark moment for Prysmian Group and a strategic and unique opportunity to create value for our shareholders and customers,” said Valerio Battista, CEO of the Prysmian Group. “Through the combination of two of the premier companies in the cable industry we will be enhancing our position in the sector, by increasing our presence in North America and expanding our footprint in Europe and South America.”

“This combination is an ideal strategic fit and ensures we are well-positioned to meet the future opportunities and challenges in the dynamic and evolving wire and cable industry. Together, we will be able to deliver a robust portfolio of products and services and new product innovation across the full breadth of the wire and cable industry globally. Importantly, Prysmian and General Cable have a shared vision and highly compatible cultures founded on similar values,” said Michael McDonnell, General Cable President and CEO. “I am extremely proud of our people’s efforts to transform our business over the past several years, including rationalizing the asset base and refocusing on core businesses, streamlining our supply chain, and accelerating profitable growth and innovation in key segments. Today’s announcement is a testament to the team’s hard work and tireless dedication.”

General Cable in Kentucky, US, develops and distributes aluminum, copper and fiber optic wire and cable products for the energy, communications, transportation, industrial, construction and specialty segments.

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