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General Cable looking for a buyer
General Cable has initiated "a review of strategic alternatives to maximize shareholder value, including a potential sale of the company".
John E. Welsh, III, Non-Executive Chairman of the Board, said, “After careful consideration, our Board has determined to undertake a review of strategic alternatives with the goal of maximizing shareholder value. While the management team has made excellent progress in the execution of our strategic roadmap to transform the Company into a more focused, efficient and innovative organization, we expect the industry to consolidate over time and believe the review at this time is in the best interests of shareholders.” Michael T. McDonnell, President and Chief Executive Officer, said, “I am proud of the efforts of our people to transform our business over the last two years, including rationalizing the asset base and refocusing on core businesses, streamlining our supply chain, and accelerating profitable growth in key segments. While we are benefiting from these significant operational and financial performance improvements, current dynamics in our industry are masking those accomplishments, and we expect that trend to continue through the second half of 2017 and into 2018. As the Board conducts its review, we remain committed to executing our plan, to competing and to continuing to deliver innovative wire and cable solutions that exceed customer expectations.” The company expects to report revenues of approximately USD 923 million for North America, Europe and Latin America (second quarter ended June 30, 2017). General Cable also expects to report reported operating loss and adjusted operating income for the second quarter of approximately USD (23) million and USD 32 million, respectively. The expected reported operating loss primarily reflects a one-time non-cash charge of approximately USD 36 million related to the sale of the company’s investment in Algeria.
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