© dmitriy shironosov dreamstime.com Electronics Production | September 21, 2018
NKT divests its railway cable business
NKT is divesting its railway cable business to the Swedish company Elcowire Group AB. The divestment will allow NKT to focus on its core business.
NKT has entered into an agreement to divest its railway cable activities to the Swedish company Elcowire Group AB. With the divestment NKT now fully focuses on its core business within power cables to the construction industry, utilities, interconnector projects and for the offshore wind industry, the company disclose in a press release. The divested activities comprise sales, development and production including the site in Hettstedt, Germany, and covers about. 63 employees. The closing of the transaction is expected to take place no later than Q1 2019. Although being a profitable business, the railway industry is a niche market for NKT and is not defined as a core business in its strategy. Therefore, a search has been conducted and successfully completed for a new owner of the activities, the press release reads. “NKT has been the proud owner of the railway cables business for years with satisfactory results, but it has been a niche market for us, and the divestment is part of our strategy to focus on our core business of high-end power cables, accessories and services. I am convinced that Elcowire Group AB is the right successor to further develop the business,” President and CEO Michael Hedegaard Lyng says.
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