General Cable To Buy Safran

Oct. 13, 2005
General Cable Corp., Highland Heights, Ky., said it agreed in principle to buy the wire and cable manufacturing business of Safran SA for about 75 million euros.

General Cable Corp., Highland Heights, Ky., said it agreed in principle to buy the wire and cable manufacturing business of Safran SA for about 75 million euros.

The business to be acquired, known under the brand names Silec and Sagem, reported 2004 sales of about 210 million euros. Silec is based in Montereau, France, and employs 1,000 associates.

Silec designs, engineers and installs high voltage underground links. The company is also among the top three producers of energy and industrial cables for the French market.

“The prospective Silec acquisition will be consistent with our strategy to expand our position in the $8 billion global energy cable market,” said Gregory B. Kenny, General Cable’s chief executive officer. “We expect this market to enter a period of net investment as developed countries renew spending on the energy infrastructure and grid interconnections. At the same time, major developing countries have begun accelerated electrical network deployment as a key requisite to sustained economic growth.”

The company said it expects the transaction to close during the fourth quarter.