HIGHLAND HEIGHTS, Ky. — General Cable Corporation announced that it has completed the sale of its North American automotive ignition wire business to Standard Motor Products, Inc. for cash consideration of approximately $71 million, subject to customary post-closing adjustments. Proceeds will be used to reduce outstanding borrowings.
The wire and cable manufacturer announced the deal last week.
“While the automotive ignition wire business has been a strong performing business for us over the years, we determined through our strategic review that it is not aligned with our strategic and financial criteria going forward,” said Mike McDonnell, president & CEO.
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