HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--June 30, 2008--General
Cable Corporation (NYSE: BGC) (the Company), a leading global supplier
of wire and cable products for the energy, industrial, and
communications markets, and its joint venture partner, A. Soriano
Corporation (Anscor), announced today that the Company has increased
its equity ownership in Phelps Dodge Philippines, Inc. (PDP) from 40%
to 60%. PDP is a joint venture established in 1955 by Anscor, a
Philippine public holding company with diverse investments, and Phelps
Dodge International Corporation (PDIC), a subsidiary of the Company
which was acquired in the fourth quarter of 2007. PDP reported
revenues of about $100 million in 2007.
PDP operates one of the largest wire and cable manufacturing
facilities in the Philippines with leading market positions supporting
the construction sector of the Philippine economy. The investment
complements General Cable's strategy in the region by providing a
platform for further penetration into Southeast Asia markets as well
as supporting ongoing operations in Australia, the Middle East and
South Africa. Additionally, with the sharing of new products and
technology from General Cable around the world, PDP expects to
penetrate other sectors of the Philippine wire and cable market.
We have worked very closely with PDIC as our partner for more
than half a century. Our mutual respect and willingness to share ideas
have resulted in PDP establishing a leadership position in the
Philippines. We are pleased that General Cable will make PDP a key
part of its platform to further its strategic expansion in the
region, said Andres Soriano III, Chairman of Anscor.
Mathias Sandoval, Executive Vice President, General Cable
Corporation, President and Chief Executive Officer, General Cable
Latin America, Sub-Saharan Africa & Mideast/Asia-Pacific said,
Because of the leadership that Mr. Soriano has shown over the last 20
years, PDP has maintained its reputation for high quality and product
innovation in its served markets. We are honored that this leadership
and guidance will continue as Mr. Soriano will remain as Chairman of
the Board of the joint venture.
General Cable is a global leader in the development, design,
manufacture, marketing and distribution of copper, aluminum and fiber
optic wire and cable products for the energy, industrial, and
communications markets. Visit our website at www.generalcable.com.
Certain statements in this press release, including without
limitation, statements regarding future financial results and
performance, plans and objectives, capital expenditures and the
Company's or management's beliefs, expectations or opinions, are
forward-looking statements. Actual results may differ materially from
those statements as a result of factors, risks and uncertainties over
which the Company has no control. Such factors, risks, and
uncertainties are more fully discussed in the Company's Report on Form
10-K filed with the Securities and Exchange Commission on February 29,
2008, as well as periodic reports filed with the Commission.
CONTACT: General Cable Corporation
Michael P. Dickerson, Vice President of Finance and
Investor Relations, 859-572-8684
SOURCE: General Cable Corporation
