General Cable to Acquire Majority Interest in Procables S.A. of Colombia for $45M
General Cable Corporation (NYSE: BGC), one of the most globally diversified industrial companies, announced today that it has agreed to acquire a majority interest (60%) in Procables S.A (Procables) for total consideration of $45 million, subject to typical adjustments for net working capital and net indebtedness levels. The transaction is expected to close in the second half of 2012, subject to receipt of regulatory approval. The Sredni Group will maintain a 40% interest in the business.
A well-established, privately owned manufacturer, Procables through its two manufacturing facilities in Bogota and Barranquilla offers a broad range of wire and cable products, including low and medium voltage power cables, building wire, industrial, communications, and bare aluminum conductors as well as operating copper and aluminum rod mills. In 2011, Procables reported revenues of $120 million USD and is expected to be accretive in the first full year of operation.
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