HIGHLAND HEIGHTS, Ky., Jan 19, 2010 (BUSINESS WIRE) -- General Cable Corporation (NYSE: BGC), reported today that it has
acquired a substantial portion of the wire and cable assets of Phoenix
Power Cables, of Durban, South Africa. The business will operate as
General Cable Phoenix South Africa (GCPSA) going forward. GCPSA
manufactures low and medium voltage electrical power cables as well as
overhead energy transmission and distribution cables. In the last twelve
months, the business reported revenues of approximately $20 million. The
former owners, the Ramkisson family, will hold a 10% interest in the
business.
Over the last several years, General Cable has established itself as an
important supplier of power cables in Sub-Saharan Africa. The Company
holds a leading position in the oil-rich OPEC nation of Angola and
through its cable operations in Zambia, is the number two producer of
copper rod in Sub-Saharan Africa. The Company also owns a majority
interest in the largest cable distributor in South Africa, National
Cables, and now with the acquisition of GCPSA, the Company will have the
capability to supply electric utilities in the region with locally
produced energy transmission and distribution cables. Consumption of
wire and cable in South Africa represents approximately 25% of the wire
and cable consumed on the entire African continent.
"Investment in power generation, transmission and distribution as well
as residential and non-residential construction has grown meaningfully
in Sub-Saharan Africa over the last several years. Robust mining
investment as well as infrastructure to support the growing population
and increasing wealth in the region is expected to result in greater
demand for electrical power cable products to support infrastructure
growth well into the future. The investments we have made in the region
position General Cable to benefit from these favorable trends, while at
the same time, establish an outstanding platform from which to expand
further in the region," said Mathias Sandoval, Executive Vice President,
President and Chief Executive Officer of General Cable Rest of World.
General Cable (NYSE:BGC), a Fortune 500 Company, 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. For more information about
General Cable 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, as
amended, originally filed with the Securities and Exchange Commission on
March 2, 2009, as well as periodic reports filed with the Commission.
SOURCE: General Cable Corporation
General Cable Corporation
Michael P. Dickerson, 859-572-8684
Vice President of Finance and
Investor Relations
