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