HIGHLAND HEIGHTS, Ky.--(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.
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