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Home » Platinum Equity Acquires Majority Stake in Alcan Cable

Platinum Equity Acquires Majority Stake in Alcan Cable

By    MDM  Staff 
September 14, 2009
More about:  Distribution & Manufacturing Acquisitions
Rio Tinto will maintain a minority interest in the manufacturer of aluminum cable products.
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Los Angeles, CA-based Platinum Equity has signed a definitive agreement to purchase controlling interest in the Alcan Cable division of Rio Tinto. Alcan Cable, a division of the Alcan Engineered Products business, is a manufacturer of aluminum cable products. Financial terms of the acquisition were not disclosed.

"Alcan Cable is an excellent fit for Platinum's operations-focused, long-term approach to creating value," says Brian Wall, partner at Platinum that is leading the transaction. "This transaction offers a unique divestiture solution to Rio Tinto."

Platinum will assume management control of Alcan Cable and hold a 56 percent ownership stake in the company. Rio Tinto will retain a 44 percent minority interest and will remain a key supplier of aluminum rod and molten aluminum to the business.

Alcan Cable, Atlanta, GA, serves the utility transmission and distribution, and residential and non-residential construction markets throughout North America. The business has seven production sites in the U.S., Canada and most recently China.

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