Barcelona, Spain - General Cable Corporation(NYSE: BGC) (the Company) a leading global supplier of wire and cable products for the energy, industrial, and communications markets, announced today that it had entered a joint venture for majority ownership of E.P.E/EN.I.CA.BISKRA SPA (Enica Biskra), an Algerian state-owned manufacturer of low and medium voltage power and construction cable.
Enica Biskra is a leading provider of utility cables to the principal Algerian state-owned power utility and gas producer.
In 2007, the business generated over 70 million euros of revenue.
Enica Biskra, located in the province of Biskra, Algeria, approximately 260 miles southeast of Algiers, is on an 86 acre site with approximately one million square feet of manufacturing, warehousing and office space.
The company plans to aggressively invest in this business, primarily for the fast growing Middle East and North African regions, which combined have in excess of four billon euros of addressable wire and cable demand.
The company's investment plan over the next few years is expected to exceed 20 million euros and focus on upgrading and expanding the product capabilities for medium voltage utility cables as well as cables for industrial applications for both the domestic market and export into neighboring North African and European markets.
Additionally, the company will be investing in training for the associates in the areas of LEAN and manufacturing efficiency.
"We are very pleased to be a partner of the Algerian government in the privatization of the wire and cable industry which will enhance economic growth and development," said Domingo Goenaga, Executive Vice President and CEO of General Cable Europe.
"Enica Biskra has a solid platform of assets and a talented labor force, led by the management team, and together, we will be able to invest and grow this business and the workforce into a highly successful enterprise reaching far into Europe and the neighboring Middle East region."
"The acquisition of Enica Biskra represents the latest step in positioning General Cable as a global leader in cabling systems for energy infrastructure, which began with the 1999 acquisition of BICC," said Gregory B. Kenny, President and Chief Executive Officer of General Cable.
"General Cable expects to have as much as 200 million euros of annual revenue in the Middle East and North African region after giving effect to this investment project. This acquisition establishes an important position in these markets and a platform to further invest and grow in the region," he concluded.
General Cable is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the energy, industrial, and communications markets. Visit our website at www.generalcable.com.
Certain statements in this press release, including without limitation, statements regarding future financial results and performance, plans and objectives, capital expenditures and the Company's or management's beliefs, expectations or opinions, are forward-looking statements.
Actual results may differ materially from those statements as a result of factors, risks and uncertainties over which the Company has no control.
Such factors, risks, and uncertainties are more fully discussed in the Company's Report on Form 10-K filed with the Securities and Exchange Commission on February 29, 2008, as well as periodic reports filed with the Commission.
General Cable Corporation
Michael P. Dickerson, 859-572-8684 Vice President of Finance and Investor Relations
Enica Biskra is a leading provider of utility cables to the principal Algerian state-owned power utility and gas producer.
In 2007, the business generated over 70 million euros of revenue.
Enica Biskra, located in the province of Biskra, Algeria, approximately 260 miles southeast of Algiers, is on an 86 acre site with approximately one million square feet of manufacturing, warehousing and office space.
The company plans to aggressively invest in this business, primarily for the fast growing Middle East and North African regions, which combined have in excess of four billon euros of addressable wire and cable demand.
The company's investment plan over the next few years is expected to exceed 20 million euros and focus on upgrading and expanding the product capabilities for medium voltage utility cables as well as cables for industrial applications for both the domestic market and export into neighboring North African and European markets.
Additionally, the company will be investing in training for the associates in the areas of LEAN and manufacturing efficiency.
"We are very pleased to be a partner of the Algerian government in the privatization of the wire and cable industry which will enhance economic growth and development," said Domingo Goenaga, Executive Vice President and CEO of General Cable Europe.
"Enica Biskra has a solid platform of assets and a talented labor force, led by the management team, and together, we will be able to invest and grow this business and the workforce into a highly successful enterprise reaching far into Europe and the neighboring Middle East region."
"The acquisition of Enica Biskra represents the latest step in positioning General Cable as a global leader in cabling systems for energy infrastructure, which began with the 1999 acquisition of BICC," said Gregory B. Kenny, President and Chief Executive Officer of General Cable.
"General Cable expects to have as much as 200 million euros of annual revenue in the Middle East and North African region after giving effect to this investment project. This acquisition establishes an important position in these markets and a platform to further invest and grow in the region," he concluded.
General Cable is a global leader in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the energy, industrial, and communications markets. Visit our website at www.generalcable.com.
Certain statements in this press release, including without limitation, statements regarding future financial results and performance, plans and objectives, capital expenditures and the Company's or management's beliefs, expectations or opinions, are forward-looking statements.
Actual results may differ materially from those statements as a result of factors, risks and uncertainties over which the Company has no control.
Such factors, risks, and uncertainties are more fully discussed in the Company's Report on Form 10-K filed with the Securities and Exchange Commission on February 29, 2008, as well as periodic reports filed with the Commission.
General Cable Corporation
Michael P. Dickerson, 859-572-8684 Vice President of Finance and Investor Relations
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