General Cable Acquires BICC Egypt
Wednesday, Sep 22, 2010
General Cable Corporation (NYSE: BGC), reported today that it has acquired BICC Egypt. BICC Egypt manufactures a wide variety of wire and cable products for the electrical markets including low voltage insulated power and control cables, building wire, instrumentation cable, halogen free power and control cables, and overhead power cables. In the last twelve months, the business reported revenues of approximately $30 million.
The acquisition of BICC Egypt furthers the Company's geographic expansion by establishing a production and commercial base in one of the largest and fastest growing markets in the Mediterranean and North African region. The Company believes the demand for wire and cable products in Egypt will continue to grow faster than many other nations due to increasing investment in infrastructure and power generation projects, a growing population, and a favorable GDP outlook. Egypt continues to invest heavily in large-scale transport, construction, power generation, and transmission and distribution infrastructure. Rapid population growth and high infrastructure investment are expected to increase the demand for power at a rate more than twice the world average. "General Cable continues to make progress expanding into the important Mediterranean and African markets," said Emmanuel Sabonnadiere, Chief Executive Officer and President of General Cable Europe and Mediterranean. "From our operations in Egypt, the Company expects to service both the domestic Egyptian market as well as regional wire and cable demand through exports. As a result of our strong presence in Algeria, Egypt, Angola, Zambia and South Africa, the Company is now a leading manufacturer of power cables in the Mediterranean and North African region as well as the Sub-Saharan region."
General Cable (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 for the energy, industrial, and communications markets. For more information about General Cable visit our website at www.generalcable.com.
Source: General Cable