General Cable to acquire Draka's specialty electronics assets
Highland Heights, KY—General Cable Corp. reports that it has agreed to acquire certain assets of Draka Holding's Comteq business in North America for approximately $5 million to $10 million.
Highland Heights, KY— General Cable Corp. reports that it has agreed to acquire certain assets of Draka Holding's Comteq business in North America for approximately $5 million to $10 million. Based in Franklin, MA, Comteq reportedly has strong technical and manufacturing capabilities in electronic cables, as well as high-end data products.
The agreement includes well-known brands, such as Helix and Hi-Temp. General Cable manufactures and distributes copper, aluminum, and fiber-optic wire and cable products for the energy, industrial, specialty, and communications markets. The transaction is scheduled to close in the first quarter of 2005, subject to satisfactory due diligence and completion of a definitive purchase agreement. The acquired manufacturing equipment and intellectual property is expected to bring annual productive capacity of approximately $35 to $40 million. General Cable intends to continue operations at the Franklin location.
'The acquisition should significantly expand our position and capabilities in a number of high value added product areas,' says Greg Lampert, General Cable's VP and GM of its Carol-brand products.
Jim Barney, General Cable's senior VP and communications GM, adds that, 'These assets will also support the high-end data cable growth we expect as a result of our recently announced alliance with Panduit Corp.'
Control Engineering Daily News Desk
Jim Montague, news editor