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Electronics Production | July 07, 2011

EC's competition investigation of wire and cable companies

General Cable Corporation issued an update on the previously disclosed investigation by the European Commission.

European Commission has issued a Statement of Objections in relation to its ongoing competition investigation to a number of wire and cable companies in the submarine and underground power cables businesses, including General Cable. The Statement of Objections issued to General Cable alleges that two affiliates in Europe engaged in violations of competition law for a limited period of time in the underground power cables business. As previously disclosed, General Cable only recently entered the submarine power cables business in March 2009 through its subsidiary in Germany, Norddeutsche Seekabelwerke GmbH & Co, which was acquired in 2007. The Company is reviewing the Statement of Objections and intends to defend itself against the allegations. ----- Note: A Statement of Objections is a procedural document in which the European Commission communicates its preliminary view in regard to possible infringement of European competition law and allows the companies identified in the Statement to present procedural and substantive arguments in response before a final decision by the Commission.
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