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General Cable Announces Sale of Its Interests in Joint Ventures Located in Fiji and China

HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--Apr. 2, 2015-- General Cable Corporation (NYSE: BGC) (the Company) announced today that it has completed the sale of its interests in joint ventures including Dominion Wire and Cables (Fiji) and Keystone Electric Wire and Cable (China) for cash consideration of $21 million. In separate transactions, the Company’s ownership interests were purchased by its respective joint venture partner. Proceeds from the sales were used to reduce outstanding borrowings.

This is the Company’s second announcement since launching its divestiture plan on October 29, 2014. The Company’s divestiture plan is focused on simplifying the geographic portfolio and reducing organizational complexity by exiting all manufacturing operations in Asia Pacific and Africa. Gregory B. Kenny, President and Chief Executive Officer, said, “This announcement builds on the momentum generated at the end of 2014 with the previously announced sale of our interest in the Philippines for $67 million. We are focused on the continued execution of the divestiture program as well as our restructuring program which is centered on improving profitability and returns in our core operations in North America, Latin America and Europe. We are pleased with the progress we are making in reshaping the organization as we position the Company for sustainable success while increasing shareholder value in the near term.”

General Cable Corporation (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 and systems for the energy, industrial, specialty, construction and communications markets. Visit our website at www.generalcable.com.

Cautionary Statement Regarding Forward-Looking Statements
Certain statements in this press release are forward-looking statements that involve risks and uncertainties, predict or describe future events or trends and that do not relate solely to historical matters. Forward looking statements include, among others, expressed expectations with regard to the following: “believe,” “expect,” “may,” “will,” “anticipate,” “intend,” “estimate,” “project,” “plan,” “assume,” “seek to” or other similar expressions, although not all forward-looking statements contain these identifying words. Actual results may differ materially from those discussed in forward-looking statements as a result of factors, risks and uncertainties over many of which we have no control. These factors include, but are not limited to: the economic strength and competitive nature of the geographic markets that the Company serves; our ability to increase manufacturing capacity and productivity; our ability to increase our selling prices during periods of increasing raw material costs; our ability to service, and meet all requirements under, our debt, and to maintain adequate domestic and international credit facilities and credit lines; our ability to establish and maintain internal controls; the impact of unexpected future judgments or settlements of claims and litigation; impact of foreign currency exchange rate fluctuations; impact of future impairment charges; compliance with U.S. and foreign laws, including the Foreign Corrupt Practices Act; our ability to achieve the anticipated cost savings, efficiencies and other benefits related to our restructuring program and other strategic initiatives and the other risks detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”), including but not limited to, its annual report on Form 10-K filed with the SEC on March 2, 2015, and subsequent SEC filings. You are cautioned not to place undue reliance on these forward-looking statements. General Cable does not undertake, and hereby disclaims, any obligation, unless required to do so by applicable securities laws, to update any forward-looking statements as a result of new information, future events or other factors.

Source: General Cable Corporation

General Cable Corporation
Len Texter, Vice President, Finance and Investor Relations, 859-572-8684