Soon after finalising the integration of General Cable, Prysmian Group has announced a thorough reorganisation process. Under the merger agreement entered into among the parties on 3 December 2017, Prysmian has acquired all the outstanding shares of General Cable common stock for $30.00 per share in cash. With the completion of the transaction, General Cable has become a privately held company, and therefore its shares will no longer be listed on the NYSE or any other public market.
Prysmian begins integration with General Cable
With sales of over €11 billion, the new Group will employ approximately 30,000 people at 112 plants and 25 R&D centres in over 50 countries.
The newly created Group is a world leader in the energy and telecom cable systems industry, with global headquarters located in Milan, sales exceeding €11 billion (pro-forma as of 31.12.2017) and approximately 30,000 employees at 112 plants and 25 R&D centres in over 50 countries. The integration with General Cable enables further expansion of technologies and products range offered by Prysmian Group. The shift in the balance of the weights of the various geographical areas is significant: North America will account for approximately a third of the Group’s sales, with the North American head office in Highland Heights, Kentucky, and 23 plants throughout the Region with about 5,800 employees.
"Integrating the two companies’ cultures, business segments, geographical markets, production facilities and staff functions. Protecting our business and creating value: these are our priorities.” stated Valerio Battista, CEO Prysmian Group.
The new organisation combines the strengths of both Prysmian and General Cable and is based on centralised governance and integrated management of global businesses, clear responsibilities for results, a focus on efficiency and technological innovation and a customer-centric approach enabled by teams dedicated to key customer accounts.
The new organisational matrix model is structured along three lines: the Group’s centralised functions, which aim at fostering the creation of a highly integrated "One Company”; the Regions, which ensure proximity to the market; and the Business areas (Energy, Telecom and Projects), which are responsible for product and cross-selling strategies.
“With the aim of identifying and retaining top talent, we conducted a thorough selection process based on the ‘best people for the job’ principle, ensuring equal opportunities to people from Prysmian and General Cable. The result is an international management team composed of 450 people who from the outset have been given clear responsibilities and precise objectives"
Chief HR Officer