HIGHLAND HEIGHTS, Ky.--General Cable Corporation (NYSE: BGC), has acquired a substantial portion of the wire and cable assets of Phoenix Power Cables, of Durban, South Africa. The business will operate as General Cable Phoenix South Africa (GCPSA) going forward. GCPSA manufactures low and medium voltage electrical power cables as well as overhead energy transmission and distribution cables. In the last twelve months, the business reported revenues of approximately $20 million. The former owners, the Ramkisson family, will hold a 10% interest in the business.
Over the last several years, General Cable has established itself as a supplier of power cables in Sub-Saharan Africa. The Company holds a leading position in the oil-rich OPEC nation of Angola and through its cable operations in Zambia, is the number two producer of copper rod in Sub-Saharan Africa. The Company also owns a majority interest in the largest cable distributor in South Africa, National Cables, and now with the acquisition of GCPSA, the Company will have the capability to supply electric utilities in the region with locally produced energy transmission and distribution cables. Consumption of wire and cable in South Africa represents approximately 25% of the wire and cable consumed on the entire African continent.
“Investment in power generation, transmission and distribution as well as residential and non-residential construction has grown meaningfully in Sub-Saharan Africa over the last several years. Robust mining investment as well as infrastructure to support the growing population and increasing wealth in the region is expected to result in greater demand for electrical power cable products to support infrastructure growth well into the future. The investments we have made in the region position General Cable to benefit from these favorable trends, while at the same time, establish an outstanding platform from which to expand further in the region,” said Mathias Sandoval, Executive Vice President, President and Chief Executive Officer of General Cable Rest of World.
General Cable (NYSE:BGC), a Fortune 500 Company, is in the development, design, manufacture, marketing and distribution of copper, aluminum and fiber optic wire and cable products for the energy, industrial, and communications markets. For more information on the web: General Cable
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