General
Cable Corp. has acquired Prestolite Wire, a wire and cable manufacturer with
facilities in the United States and Mexico. Prestolite reported 2011 revenues
of $170 million. General Cable expects to close on the acquisition within the
next month.
“We
are excited about the growth opportunities as a result of the Prestolite
acquisition. Prestolite has built a strong brand and a broad base of
long-standing customers through its reputation as a manufacturer of superior
quality products and innovation, with a sharp focus on high temperature, and
abrasion and corrosion resistant applications,” said Roger Roundhouse, General
Cable’s senior vice president and general manager, transportation wire and assemblies.
“This
acquisition is highly complementary to our existing transportation and OEM
oriented businesses as approximately 90% of Prestolite’s revenues are generated
from products that are incremental to the General Cable’s existing product
portfolio. Additionally the acquisition of Prestolite provides greater access
to the evolving and growing transportation segment of the wire and cable
industry.”
Prestolite
produces wire and cable products and harnesses, mostly for automotive OEMS and
their Tier 1 manufacturers and distributors.
General
Cable also said it has completed its acquisition of the North American portion
of Alcan Cable which further enhances the company’s electric utility and
construction product offering in North America.
It
also completed the acquisition of a majority interest in Procables, S.A. of
Colombia on October 1, 2012, expanding the company’s market position in the
Andean region and its geographic coverage throughout the Americas, which is one
of the most extensive in the wire and cable industry.