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$13bn SALES, 30,000 EMPLOYEES

Prysmian acquires US group to set up energy, cable giant

MILAN (Italy), June 11, 2018

Prysmian Group, a world leader in the energy and telecom cable systems industry, said it has acquired US-based General Cable to set up a giant company in the energy and telecom cable sector with global headquarters in Milan, Italy.

Based in Kentucky, US, General Cable is a leader in the development, design, manufacture, marketing and distribution of aluminum, copper and fiber optic wire and cable products for the energy, communications, transportation, industrial, construction and specialty segments.  

The new organisation combines the strengths of both Prysmian and General Cable and is based on centralised governance and integrated management of global businesses, clear responsibilities for results, a focus on efficiency and technological innovation and a customer-centric approach enabled by teams dedicated to key customer accounts, said Prysmian in a statement.

With sales of over €11 billion ($13 billion), the new Group will employ approximately 30,000 people at 112 plants and 25 reseach and development (R&D) centres in over 50 countries, it added.

With the General Cable acquisition, the shift in the balance of the weights of the various geographical areas is significant: North America will now account for approximately a third of the group’s sales, with the North American head office located in Highland Heights, Kentucky, and 23 plants throughout the region with about 5,800 employees, said the statement from Prysmian.

The integration with General Cable enables further expansion of the range of technologies and products offered by Prysmian Group, stated the Italian group.

Announcing the takeover, Prysmian Group CEO Valerio Battista said: "We are proud to have established our second home region in the US, contributing to the development of the country's economy with our best technologies and expertise."

"Today, we begin to operate as a single team with shared objectives, integrating the two companies’ cultures, business segments, geographical markets, production facilities and staff functions. Protecting our business and creating value: these are our priorities," stated Battista.

According to him, the new organisational matrix model is structured along three lines: the Group’s centralised functions, which aim at fostering the creation of a highly integrated "One Company”; the regions, which ensure proximity to the market; and the business areas (Energy, Telecom and Projects), which are responsible for product and cross-selling strategies.

"With the aim of identifying and retaining top talent, we conducted a thorough selection process based on the ‘best people for the job’ principle, ensuring equal opportunities to people from Prysmian and General Cable," noted Fabrizio Rutschmann, the chief human resources officer.

"The result is an international management team composed of 450 people who from the outset have been given clear responsibilities and precise objectives," he added.-TradeArabia News Service




Tags: Energy | Prysmian | General Cable | Cable company |

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