Prysmian Group concentrates the ownership of its important patent portfolio under parent company Prysmian S.p.A.

The Board of Directors of Prysmian S.p.A., leading group in the industry of cables and systems for energy and telecommunication, has approved in a definitive manner

Milan   -   17/04/2008 - 12:00 AM

The Board of Directors of Prysmian S.p.A., leading group in the industry of cables and systems for energy and telecommunication, has approved in a definitive manner, with a resolution by public deed dated 16 April 2008, the plan for the partial demerger of the patent rights of the wholly-owned subsidiary Prysmian Cavi e Sistemi Energia S.r.l. in favour of Prysmian S.p.A.. The transaction has been approved the 16 April 2008 too by the Shareholders’ Meeting of Prysmian Cavi e Sistemi Energia S.r.l..

The signing of the demerger deed is scheduled within July at the latest. The split transaction is not subject to suspension or termination conditions, and no restructuring or reorganisation is planned as a result of the demerger.

Further resolutions approved by Board Meeting
The Board of Directors of Prysmian S.p.A., once again through a resolution by public deed, has furthermore amended article 9 of its Bylaws to bring its contents in line with the new provisions set out in art. 154-ter of the Consolidated Finance Act. This makes it compulsory for issuers to approve their financial statements for the relevant financial year and to publish the annual financial report within one hundred and twenty days of the closing date of the year in question.

Prysmian
A leading player in the industry of high-technology cables and systems for energy and telecommunication, the Prysmian Group is a truly global company with sales exceeding €5 billion in 2007 and a strong position in higher added value market segments. With its two business, 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 36 countries, 54 plants in 21 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.