General Cable CorporationNYSE
General Cable's Turnaround Won't Be Quick Or Easy
Mon, May 23, 6:44 PM
- General Cable (BGC +2.3%) has a definitive deal to sell its ignition-wire business in North America to Standard Motor Products (SMP -2.3%), for about $71M.
- The cable-products maker will use proceeds to reduce debt.
- It's been a strong business, says CEO Mike McDonnell, but it's "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.”
- At last report, General Cable's total debt sat at $1.15B with a debt/equity of 410%. Market cap is $681M.
- Now read General Cable's Turnaround Won't Be Quick Or Easy »
Sep. 1, 2015, 10:55 AM
- General Cable (NYSE:BGC) has completed the first stage of a two-phase process for selling its Asia-Pacific operations.
- The first step saw the company sell its Thailand operations to MM Logistics for $88M in cash.
- The second step will offload the remainder of its operations in the region, including China, New Zealand and Australia. BGC expects those sales to be completed at the end of September and generate approximately $205M in cash.
- Previously: General Cable selling Asia-Pac ops for $205M (Jun. 25 2015)
Jun. 25, 2015, 5:11 PM
- Thailand's MM Logistics is buying General Cable's (NYSE:BGC) Asia-Pac ops - they consist of businesses in Thailand, China, Australia, and New Zealand - for $205M in cash. Net cash available at closing is expected to total $30M.
- Chairman John E. Welsh: "This agreement to sell our Asia Pacific operations represents another significant step to simplifying our geographic portfolio and reducing organizational complexity. We remain focused on the divestiture process for our businesses in Africa which are advancing according to plan."
- The deal follows the sale of assets in China, Fiji, and the Philippines for a combined $88M.
Jun. 11, 2015, 9:59 AM
Apr. 2, 2015, 4:27 PM
- General Cable (NYSE:BGC) has received $21M for the sale of its Chinese Keystone Electric Wire and Cable JV and Fijian Dominion Wire and Cables JV.
- The deals are part of a divestment strategy that has also include the sale of a Philippine JV interest for $67M. Bloomberg reported two weeks ago Italy's Prysmian is thinking of acquiring General Cable.
Mar. 17, 2015, 2:58 PM
May 21, 2012, 8:22 AM