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General Cable Corp. (NYSE: BGC), Highland Heights, KY, has acquired Prestolite Wire LLC. A privately-owned manufacturer, Prestolite has two manufacturing facilities in the U.S. and Mexico.
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Prestolite had sales of $170 million in 2011. The manufacturer offers a range of wire and cable products and harnesses, serving predominately transportation original equipment manufacturers (OEMs), tier one suppliers and OEM distribution customers.
“This acquisition is highly complementary to our existing transportation related businesses as approximately 90 percent of Prestolite’s revenues are generated from products that are incremental to the company’s existing product portfolio,” said Roger Roundhouse, senior VP and GM for General Cable’s Transportation Wire & Assemblies business.
Craig Horton, automotive product manager for General Cable, said, “In addition to growth trends forecasted for new vehicles over the next couple of years, vehicle designs are rapidly evolving due to demands for greater fuel efficiency and enhanced communication capabilities. OEMs are implementing alternative materials, resulting in higher operating temperatures, electric or hybrid propulsion technologies, enhanced communication systems and interconnectivity of vehicle management systems”
“As a result, the complexity and volume of wire and cable products consumed in vehicle designs is expected to continue to increase,” Horton said.