General Cable to sell North American automotive ignition wire business

The company will sell the business for a cash consideration of about USD 71 million. The Company said in a press release that it expects to close the sale in the near future while not specifying further. Proceeds will be used to reduce outstanding borrowings. “We are executing our new strategic roadmap, and a key component of the roadmap is focusing and optimizing our portfolio of businesses,” said Mike McDonnell, President and Chief Executive Officer. “While the automotive ignition wire business has been a strong performing business for us over the years, we determined through our strategic review that it is not aligned with our strategic and financial criteria going forward. As previously communicated, we are focused on growing our businesses in the electric utility, communications and industrial markets where we have leading positions, scale and sustainable profitability,” McDonnell continued.