General Cable Closes Purchase of Alcan Cable China
General Cable Corporation (NYSE: BGC) (the Company) announced today that it has completed the acquisition of Alcan Cable China. Alcan Cable China represents approximately 10% to 15% of overall revenues of Alcan Cable.
The Company estimates that the overall Alcan Cable business will contribute approximately $650-$700 million in annual revenues at current aluminum prices, and over a cycle, the operating margin profile is expected to be consistent with the Company's existing businesses as manufacturing, logistics, and purchasing synergies are realized. The Company expects Alcan Cable North America to contribute meaningfully in the fourth quarter of 2012 while Alcan Cable China's contribution is expected to be de minimis to fourth quarter results as step-up purchase accounting adjustments offset the base earnings in the business in China.
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