General Cable Corp., Highland Heights, Ky., said it will sell its Asia Pacific operations to MM Logistics Co., Ltd., for approximately $205 million. The company’s operations in the region include businesses in Thailand, China, New Zealand and Australia. The sale is part of a divestiture program announced last fall and will simplify General Cable’s geographic coverage.
“We previously completed the sale of our interests in Phelps Dodge International Philippines, Inc., Keystone Electric Wire and Cable (China), and Dominion Wire and Cables (Fiji) which together represented approximately $88 million of cash proceeds,” said Brian Robinson, executive V.P. and COO. “Upon completion of the sale of our operations in Thailand, China, New Zealand and Australia for an estimated $205 million of cash consideration, the Company will have generated approximately $293 million of cash proceeds from its divestiture program which is consistent with our previously communicated expectations.”