Latest from Mag

Plenty of executive appointments over the past two weeks. Here’s Electrical Marketing’s expanded coverage of personnel changes in the electrical market.
Dec. 21, 2012
Wire man John Pasqual and lighting rep Jack Melnick
Dec. 21, 2012
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Electrical product prices remained on their flat trend, showing no change from October and little change in almost all major product categories.
Dec. 21, 2012
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Privately-owned housing starts in November were at a seasonally adjusted annual rate of 861,000, 3% below the revised October estimate, but 21.6% above the Nov. 2011 rate.
Dec. 21, 2012
Dec. 21, 2012
Veteran reps form new agency in Raleigh; WinWholesale buys Lloyd Graves in Texas; United Electric Supply expands through acquisition; and more.
Dec. 21, 2012
W.W. Grainger Inc., Lake Forest, Ill., announced plans to purchase Techni-Tool Inc., Worcester, Pa., a 200-plus employee distributor supplying customers in the cable television...
Dec. 21, 2012
Kaman Industrial Technologies (KIT), the industrial distribution business Kaman Corp., Bloomfield, Conn., has built up in recent acquisitions of Minarik, Zeller Electric and others...
Dec. 21, 2012
New York Mayor Michael Bloomberg offered an update on the city’s plans to renovate its infrastructure to withstand future storms.
Dec. 7, 2012

General Cable Looks to Latin America with Acquisition of Colombia’s Procables SA

General Cable Corp., Highland Heights, Ky., agreed to acquire a majority interest in Procables S.A for $45 million
June 7, 2012
2 min read

General Cable Corp., Highland Heights, Ky., agreed to acquire a majority interest in Procables S.A for $45 million, subject to adjustments for net working capital and net indebtedness levels. The transaction, which gives General Cable a 60% stake in the Colombian cable manufacturer, is expected to close in the second half of 2012, subject to regulatory approval. The Sredni Group will maintain a 40% interest in the business.

Privately owned Procables has two manufacturing facilities in Bogota and Barranquilla making 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 $120 million.

“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 Sandoval, president and CEO of General Cable’s Rest of World business. “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.”