HIGHLAND HEIGHTS, Ky - Tuesday, December 23rd 2014 [ME NewsWire]
(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 Corporation
Len Texter, Vice President, Finance and Investor Relations,