HIGHLAND HEIGHTS, Ky.--(BUSINESS WIRE)--Jun. 25, 2015--
General Cable Corporation (NYSE: BGC) today announced it has
reached a definitive agreement to sell its Asia Pacific operations to MM
Logistics Co., Ltd. for cash consideration of approximately $205 million
which includes preliminary estimated net cash of $30 million available
at the closing of the purchased businesses, subject to customary working
capital adjustments at the respective closing dates. The Company’s Asia
Pacific operations consist of businesses in Thailand, China, New Zealand
and Australia. The Company expects to close the sale of the operations
in the third quarter, subject to customary closing conditions. Proceeds
are expected to be used to reduce outstanding borrowings and pay related
fees and expenses.
“We are pleased with the continued execution and positive momentum we
have achieved in our divestiture program that we originally announced
last October,” said John E. Welsh, III, Chairman of the Board. “This
agreement to sell our Asia Pacific operations represents another
significant step to simplifying our geographic portfolio and reducing
organizational complexity. We remain focused on the divestiture process
for our businesses in Africa which are advancing according to plan. We
are also optimizing our business, reducing costs and driving
efficiencies in our core markets in North America, Latin America and
Europe as we continue to execute our restructuring program.”
Brian J. Robinson, Executive Vice President and Chief Financial Officer
said, “We previously completed the sale of our interests in Phelps Dodge
International Philippines, Inc., Keystone Electric Wire and Cable
(China), and Dominion Wire and Cables (Fiji) which together represented
approximately $88 million of cash proceeds. Upon completion of the sale
of our operations in Thailand, China, New Zealand and Australia for an
estimated $205 million of cash consideration, the Company will have
generated approximately $293 million of cash proceeds from its
divestiture program which is consistent with our previously communicated
expectations.”
HSBC acted as financial adviser to General Cable on the sale of its Asia
Pacific operations (which includes China, Thailand, Australia and New
Zealand). Credit Agricole Corporate and Investment Bank acted as
co-financial adviser on the sale of General Cable's operations in China.
General Cable (NYSE:BGC), a Fortune 500 Company, is a 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.
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; consummation of the sale of our Asia Pacific
operations and the final net cash and working capital adjustments to the
purchase price for the Asia Pacific operations sold; 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.

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