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General Cable Corp. (NYSE: BGC), Highland Heights, KY, has agreed to acquire a majority interest in Procables S.A (Procables) for $45 million. The transaction is expected to close in the second half of 2012, subject to receipt of regulatory approval. The Sredni Group will maintain a 40 percent interest in the business.
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Procables has two manufacturing facilities in Bogota and Barranquilla, Colombia, offering a broad range of wire and cable products, including low and medium voltage power cables, building wire, industrial, communications, and bare aluminum conductors as well as operating copper and aluminum rod mills. In 2011, Procables reported revenues of US$120 million and is expected to be accretive in the first full year of operation.
"We are pleased to be partnering with the Sredni Group, a local privately held conglomerate with over 50 years of experience in the Colombian industrial sector," said Mathias F. Sandoval, president and CEO, General Cable Rest of World. "This transaction enables us to partner with a well-established company with a strong regional commercial strategy and extensive distribution network while at the same time applying General Cable's technical and operational expertise as we further expand the product portfolio and the value proposition to customers throughout the Andean Region."