Prysmian signed a term sheet with Indian Nicco Corporation for a majority stake of a new JV Cable Company

The new JV Company will incorporate all Nicco Corporation's cable activities.

Prysmian Cables & Systems, a worldwide leading player in the cable industry, has signed a Term Sheet with Indian Nicco Corporation to become the majority shareholder of a new joint venture company that will encompass all Nicco Corporation's cable activities.

The Board of Directors of Prysmian today approved in principle the entrance into the Term Sheet. The deal, subject to the finalization of a definitive agreement and further approval/consent of Nicco's corporate debt lenders and relevant local authorities, is expected to close during the first half of 2008. 

Nicco Corporation will remain as a minority shareholder of the new Joint Venture Company.

With net sales of 55.2 million Euro in Fiscal Year 2006-2007 Nicco Corporation's cable division has 2 manufacturing operations, 6 branch offices located in the country's most important urban areas and approximately 900 employees. Nicco Corporation's cable division is active in the production of a wide range of medium voltage and low voltage power cables and industrial cables for applications in several sectors (OEMs, Windmill, Infrastructure, Mining, Raylways, Defence, etc.).