HIGHLAND HEIGHTS, Ky. — General Cable Corporation announced Monday that it has completed the sale of its Thailand operations to MM Logistics Co. Ltd. for cash consideration of approximately $88 million. The closing of the sale of the Thailand operations is the first of a two-step closing process. The Company expects the second closing to complete the sale of the remaining Asia Pacific operations including China, New Zealand and Australia to occur at the end of September, subject to customary closing conditions. Upon completion, the Company expects to generate approximately $205 million of cash proceeds from the sale of Thailand, China, New Zealand and Australia. Proceeds will be used to reduce outstanding borrowings and pay related fees and expenses.
“We are executing our divestiture plan and focusing on operational excellence in our core markets in North America, Europe and Latin America,” said Mike McDonnell, President and Chief Executive Officer. “Our financial position continues to improve as we apply sale proceeds to reduce outstanding borrowings and improve our core operations. Upon completion of the sale of Asia Pacific including Thailand, China, New Zealand and Australia and the prior sales of our interests in the Philippines, Keystone Wire and Cable (China) and Dominion Wire and Cable (Fiji), we expect to generate total cash proceeds of approximately $293 million, which is consistent with our previously communicated expectations.”
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