General Cable Announces Sale of Its Interest in Phelps Dodge Philippines
23 December 2014 - 12:00AM
Business Wire
General Cable Corporation (NYSE: BGC) (the Company)
announced today that it has completed the sale of its interest in
Phelps Dodge International Philippines, Inc. (PDP) for cash
consideration of $67 million. The Company sold its 60% interest to
its joint venture partner, A. Soriano Corporation (Anscor).
Proceeds from the sale will be used to reduce outstanding
borrowings on the Company’s North American and European asset based
revolving credit facility.
The Company previously announced on October 29, 2014 its intent
to divest all of its manufacturing operations in Asia Pacific and
Africa in order to simplify its geographic portfolio and reduce
organization complexity. John E. Welsh, III, Chairman of the Board,
said, “We are pleased with the efficient and timely execution of
this meaningful transaction which represents a significant initial
step in simplifying our portfolio. Our team has effectively
completed this sale while continuing to advance our divestiture
plans for the remaining assets within Asia Pacific and Africa. We
continue to believe these actions will enable us to optimize our
asset base and sharpen our strategic focus on our core assets in
North America, Latin America and Europe. We remain focused on our
restructuring program and delivering improved returns from our core
strategic markets as we strive to better leverage economies of
scale and capitalize on our leading positions across key markets
where we have built long-standing customer relationships, efficient
supply chains and offer a wide range of products.”
General Cable Corporation (NYSE:BGC), a Fortune 500 Company, is
a global leader in the development, design, manufacture, marketing
and distribution of copper, aluminum and fiber optic wire and cable
products and systems for the energy, industrial, specialty,
construction and communications markets. Visit our website at
www.generalcable.com.
Cautionary Statement Regarding
Forward-Looking Statements
Certain statements in this press release are forward-looking
statements that involve risks and uncertainties, predict or
describe future events or trends and that do not relate solely to
historical matters. Forward looking statements include, among
others, expressed expectations with regard to the following:
“believe,” “expect,” “may,” “will,” “anticipate,” “intend,”
“estimate,” “project,” “plan,” “assume,” “seek to” or other similar
expressions, although not all forward-looking statements contain
these identifying words. Actual results may differ materially from
those discussed in forward-looking statements as a result of
factors, risks and uncertainties over many of which we have no
control. These factors include, but are not limited to: the
economic strength and competitive nature of the geographic markets
that the Company serves; our ability to increase manufacturing
capacity and productivity; our ability to increase our selling
prices during periods of increasing raw material costs; our ability
to service, and meet all requirements under, our debt, and to
maintain adequate domestic and international credit facilities and
credit lines; our ability to establish and maintain internal
controls; the impact of unexpected future judgments or settlements
of claims and litigation; impact of foreign currency exchange rate
fluctuations; impact of future impairment charges; compliance with
U.S. and foreign laws, including the Foreign Corrupt Practices Act;
our ability to achieve the anticipated cost savings, efficiencies
and other benefits related to our restructuring program and other
strategic initiatives and the other risks detailed from time to
time in the Company’s filings with the Securities and Exchange
Commission (“SEC”), including but not limited to, its annual report
on Form 10-K filed with the SEC on March 3, 2014, and subsequent
SEC filings. You are cautioned not to place undue reliance on these
forward-looking statements. General Cable does not undertake, and
hereby disclaims, any obligation, unless required to do so by
applicable securities laws, to update any forward-looking
statements as a result of new information, future events or other
factors.
General Cable CorporationLen Texter, Vice President, Finance and
Investor Relations, 859-572-8684
Gen Cable (NYSE:BGC)
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