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General Cable to sell its Asia Pacific operations
General Cable has reached a definitive agreement to sell its Asia Pacific operations to MM Logistics Co., Ltd. for cash consideration of approximately $205 million
This includes preliminary estimated net cash of $30 million available at the closing of the purchased businesses, subject to customary working capital adjustments at the respective closing dates. The Company’s Asia Pacific operations consist of businesses in Thailand, China, New Zealand and Australia. The Company expects to close the sale of the operations in the third quarter, subject to customary closing conditions. Proceeds are expected to be used to reduce outstanding borrowings and pay related fees and expenses. “We are pleased with the continued execution and positive momentum we have achieved in our divestiture program that we originally announced last October,” said John E. Welsh, III, Chairman of the Board. “This agreement to sell our Asia Pacific operations represents another significant step to simplifying our geographic portfolio and reducing organizational complexity. We remain focused on the divestiture process for our businesses in Africa which are advancing according to plan. We are also optimizing our business, reducing costs and driving efficiencies in our core markets in North America, Latin America and Europe as we continue to execute our restructuring program.” Brian J. Robinson, Executive Vice President and Chief Financial Officer said, “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. 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.”
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