Valerio Battista
PRYSMIAN GROUP CEO
Prysmian’s sales come largely from energy and infrastructure, whereas General Cable’s revenue is mainly derived form the electrical utility business. The combined group is expected to generate around a third of its sales in North America, while Europe will account for around 54%, according to Valerio Battista, Prysmian Group CEO: “The acquisition of General Cable represents a landmark moment for Prysmian Group and a strategic and unique opportunity to create value for our shareholders and customers. Through the combination of two of the premier companies in the cable industry, we will be enhancing our position in the sector, by increasing our presence in North America and expanding our footprint in Europe and South America.”
“This combination is an ideal strategic fit and ensures we are well-positioned to meet the future opportunities and challenges in the dynamic and evolving wire and cable industry,” said Michael T. McDonnell, General Cable President and Chief Executive Officer. “Together, we will be able to deliver a robust portfolio of products and services and new product innovation across the full breadth of the wire and cable industry globally. Importantly, Prysmian and General Cable have a shared vision and highly compatible cultures founded on similar values. I am extremely proud of our people’s efforts to transform our business over the past several years, including rationalizing the asset base and refocusing on core businesses, streamlining our supply chain, and accelerating profitable growth and innovation in key segments.”
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