Prysmian acquires business assets of International Wire & Cable Company Ltd in New Zealand

This acquisition further strengthens Prysmian's presence in the Asia Pacific region.

Milan, Italy   -   28/08/2007 - 12:00 AM

Prysmian Cables & Systems, a worldwide leading player in the cable industry, has reached an agreement to purchase the business assets of New Zealand cable manufacturer, International Wire & Cable Company Limited (IWC).

 

The closing is expected to occur on September 3rd. This acquisition further strengthens Prysmian's presence in the Asia Pacific region. In Australia, Prysmian already has a well established presence with 2 manufacturing plants supplying a wide range of power and telecommunications cables as well as accessories for joining and terminating power cables.

IWC have been producing power cables, with a particular expertise in aluminium/neutral screened cables, in New Zealand for more than 60 years and employ 65 people with approximate revenues of 20 million euros in 2006. The Prysmian investment will build on IWC's existing infrastructure in the North and South Island's of New Zealand and will add to their supply capabilities through the expanded product range and research & development facilities of the global Prysmian Group.

The acquisition of IWC's Auckland operations will allow Prysmian to grow its market in New Zealand, particularly in Power distribution, whilst also exploiting Australian wind farm expertise.

Prysmian
A leading player in the industry of high-technology cables and systems for energy and telecommunications, the Prysmian Group is a truly global company with sales exceeding 5 billion euros in 2006 and a strong position in higher-added value market segments. With its two businesses, Energy Cables & Systems (submarine and underground cables for power transmission and distribution,for industrial applications and for the distribution of electricity to residential and commercial buildings) and Telecom Cables & Systems (optical cables and fibres and copper cables for video, data and voice transmission), Prysmian boasts a global presence with subsidiaries in 34countries, 54 plants in 20 countries, 7 Research & Development Centres in Europe, USA and South America, and over 12,000 employees. Specialising in the development of products and systems designed to meet clients specific requirements, Prysmian's key strengths include: a focus on Research & Development, the capacity to innovate products and production processes, and the use of advanced proprietary technologies. Prysmian is listed on the Milan Stock Exchange Blue Chip index.