General Cable Corporation announced that it has completed the sale of its interests in joint ventures including Dominion Wire and Cables (Fiji) and Keystone Electric Wire and Cable (China) for cash consideration of $21 million. In separate transactions, the Company’s ownership interests were purchased by its respective joint venture partner. Proceeds from the sales were used to reduce outstanding borrowings.
This is the Company’s second announcement since launching its divestiture plan on October 29, 2014. The Company’s divestiture plan is focused on simplifying the geographic portfolio and reducing organizational complexity by exiting all manufacturing operations in Asia Pacific and Africa. Gregory B. Kenny, President and Chief Executive Officer, said, “This announcement builds on the momentum generated at the end of 2014 with the previously announced sale of our interest in the Philippines for $67 million. We are focused on the continued execution of the divestiture program as well as our restructuring program which is centered on improving profitability and returns in our core operations in North America, Latin America and Europe. We are pleased with the progress we are making in reshaping the organization as we position the Company for sustainable success while increasing shareholder value in the near term.”
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